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TECHNICAL OUTLOOK

* Benchmark index traded volatile as it closed with 0.32% cut at 16215 level. Banking index performed better than the benchmark index as it closed with 0.08% cut at 34248 level

* India VIX closed with 1.30% gain at 23.40 level

* Among Sectors, AUTO and IT index outperformed the benchmark index as they closed with 1.84% and 1.01% gains while METAL and PSE index underperformed as they closed with 8.14% and 1.62% cut. Broader market lagged the benchmark index as both MIDCAP and SMALLCAP index closed with 0.35% and 0.80% cut respectively.

* Advance/Decline ratio was equally split while 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. However, Asian Markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 16100 - 16000 level and resistance at 16400 - 16500 level.

* Banking index is likely to trade in line with the benchmark index today with support at 33900 - 33600 level and resistance at 34700 - 35000 level.

* M&M has closed with bullish candlestick formation with above average volumes. 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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