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TECHNICAL OUTLOOK

* Benchmark index traded on a positive note before closing with 0.54% gain at 16221 level. Banking index performed in line with the benchmark index as it closed with 0.58% gain at 35124 level

* India VIX closed with 4.17% cut at 18.40 level

* Among Sectors, INFRA and ENERGY index outperformed the benchmark index as they closed with 1.16% and 0.99% gains while METAL index was the laggard as it closed with 0.88% cut. Broader market lagged the benchmark index as both MIDCAP and SMALLCAP index closed with 0.28% and 0.31% gains respectively.

* Advance/Decline ratio was in favour of advances 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 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 16100 - 16000 level and resistance at 16300 - 16400 level.

* Banking index is likely to trade in line with the benchmark index today with support at 34700 - 34400 level and resistance at 35400 - 35700 level.

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

BANK NIFTY (Daily) Chart

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