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TECHNICAL OUTLOOK

* Benchmark index traded on a positive note as it closed with 0.64% gain at 16628 level. Banking index underperformed the benchmark index as it closed with minor 0.02% cut at 35614 level

* India VIX closed with 2.54% cut at 20.32 level

* Among Sectors, ENERGY and METAL index outperformed the benchmark index as they closed with 2.01% and 1.14% gains while AUTO and BANKING were the laggards as they closed with 0.62% and 0.02% cut respectively. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.68% and 0.61% gains respectively.

* Advance/Decline ratio was in favour of advances and cash turnover was lower than 5-day average. FII were net sellers while DII were net buyers in the cash segment

* European markets (DAX) and US markets (DJIA) closed higher yesterday. Asian Markets are following suit and trading higher today

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open higher and trade with positive bias today on the back of supportive global cues. Index has support at 16500 - 16400 level and resistance at 16800- 16900 level.

* Banking index is likely to trade in line with the benchmark index today with support at 35300 - 35000 level and resistance at 36200 - 36500 level.

* ASHOKLEY has closed with bullish candlestick formation. Stock is trading above 21 EMA and it is likely to continue its positive momentum today as well.

BANK NIFTY (Daily) Chart

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