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TECHNICAL OUTLOOK

* Benchmark index traded on a positive note as it closed with 1.89% gain at 16661 level. Banking index underperformed the benchmark index as it closed with 0.60% gain at 35827 level

* India VIX closed with 6.98% cut at 19.98 level

* Among Sectors, REALTY and IT index outperformed the benchmark index as they closed with 4.06% and 3.88% gains. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 2.42% and 3.08% gains respectively

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

* European markets (DAX) closed higher while US markets (DJIA) were shut due to holiday yesterday. Asian Markets are trading with minor gains today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade range bound with mild positive bias today. 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 35500- 35200 level and resistance at 36200 - 36500 level.

* HEROMOTOCO has closed with bullish candlestick formation and it is likely to continue its positive momentum today as well.

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