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TECHNICAL OUTLOOK

* Benchmark index opened on a negative note and traded volatile before closing with 0.10% cut at 15818 level. Banking index outperformed the benchmark index as it closed with 1.04% gain at 35579 level

* India VIX closed with 1.74% gain at 12.28 level

* Among Sectors, BANKING index outperformed the benchmark index as it closed with 1.04% gain while AUTO and PSU BANK index underperformed as they closed with 1.74% and 1.26% cut. Broader market performed in line with the benchmark index as MID cap and SMALL cap index closed with 0.05% and 0.66% cut respectively

* Advance/Decline ratio was in favour of declines 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 lower yesterday. Asian markets are following suit and trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with mild negative bias today with support at 15700 - 15600 level and resistance at 15900 - 16000 level

* Banking index is likely to trade in line with benchmark index with support at 35200 - 34900 level and resistance at 35800 - 36000 level

* ALKEM has closed with bullish candlestick formation above 21 EMA and it is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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