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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.18% cut at 15947 level. Banking index underperformed the benchmark index as it closed with 0.51% cut at 34663 level

* India VIX closed with 0.97% cut at 18.34 level

* Among Sectors, ENERGY and PHARMA index outperformed the benchmark index as they closed with 1.00% and 0.78% gains while PSUBANK and IT index were the laggards as they closed with 2.21% and 1.58% cut. Broader market traded in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.09% and 1.14% cut respectively.

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

* European markets (DAX) and US markets (DJIA) closed lower yesterday. However, Asian Markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 15850 - 15700 level and resistance at 16100 - 16200 level.

* Banking index is likely to trade in line with the benchmark index today with support at 34300 - 34000 level and resistance at 35000- 35300 level.

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

BANK NIFTY (Daily) Chart

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