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TECHNICAL OUTLOOK

* Benchmark index traded on a positive note before closing with 1.43% gain at 16279 level. Banking index outperformed the benchmark index as it closed with 1.95% gain at 35359 level

* India VIX closed with 2.50% cut at 17.16 level

* Among Sectors, IT and PSUBANK index outperformed the benchmark index as they closed with 3.17% and 2.77% gains while PHARMA and FMCG index were the laggards as they closed with 0.15% and 0.09% cut. Broader market traded in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 1.40% and 1.59% gains respectively.

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

* European markets (DAX) closed higher while US markets (DJIA) gave up gains and closed lower on Friday. Asian Markets are largely trading lower today

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 16150 - 16050 level and resistance at 16400- 16500 level.

* Banking index is likely to trade in line with the benchmark index today with support at 35000 - 34700 level and resistance at 35700 - 36000 level.

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

BANK NIFTY (Daily) Chart

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