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TECHNICAL OUTLOOK

* Benchmark index traded on a positive note as it closed with 2.63% gain at 16259 level. Banking index underperformed the benchmark index as it closed with 2.10% gain at 34302 level

* India VIX closed with 7.30% cut at 22.74 level

* Among Sectors, METAL and PSE index outperformed the benchmark index as they closed with 6.86% and 3.26% gains. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 2.73% and 3.36% 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) and US markets (DJIA) closed higher yesterday. Asian Markets are largely trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile with mild positive note today. Index has 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 34000 - 33700 level and resistance at 34700 - 35000 level.

* ICICIBANK has closed with bullish candlestick formation on daily chart. Stock is likely to trade with positive note today as well.

BANK NIFTY (Daily) Chart

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