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TECHNICAL OUTLOOK

* Benchmark index traded on a positive note before closing with 0.89% gain at 16133 level. Banking index outperformed the benchmark index as it closed with 1.74% gain at 34920 level

* India VIX closed with 5.28% cut at 19.20 level

* Among Sectors, METAL and PSUBANK index outperformed the benchmark index as they closed with 3.79% and 3.42% gains while FMCG index was the laggard as it closed with 0.08% cut. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.35% and 1.57% gains respectively.

* Advance/Decline ratio was in favour of advances and cash turnover was higher 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 following suit and trading higher today

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with positive bias today with support at 16000 - 15900 level and resistance at 16300 - 16400 level.

* Banking index is likely to trade in line with the benchmark index today with support at 34600 - 34300 level and resistance at 35500 - 35800 level.

* TATASTEEL 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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