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TECHNICAL OUTLOOK

* Benchmark index traded on a negative note before closing with 0.97% cut at 16058 level. Banking index traded in line with the benchmark index as it closed with 0.95% cut at 35132 level

* India VIX closed with 0.98% gain at 18.55 level

* Among Sectors, ENERGY and REALTY index outperformed the benchmark index as they closed with 0.37% and 0.10% gains while METAL and AUTO index were the laggards as they closed with 1.22% and 1.18% cut. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.45% and 0.42% cut respectively. 

* Advance/Decline ratio was in favour of declines 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) closed higher while US markets (DJIA) closed lower yesterday. Asian Markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 16000 - 15900 level and resistance at 16200 - 16300 level.

* Banking index is likely to trade in line with the benchmark index today with support at 35000 - 34700 level and resistance at 35500 - 35800 level.

* CHOLAFIN has closed with bearish candlestick formation below 21 EMA and it is likely to continue its negative price action today as well.

BANK NIFTY (Daily) Chart

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