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TECHNICAL OUTLOOK

* Benchmark index opened on a negative note and traded volatile before closing with 0.40% gain at 15747 level. Banking index outperformed the benchmark index as it closed with 0.91% gain at 34871 level

* India VIX closed with 1.76% gain at 15.06 level

* Among Sectors, PSU BANK and REALTY index outperformed the benchmark index as they closed with 4.11% and 2.33% gains respectively while AUTO and IT index lagged as they closed with 0.41% and 0.28% cut. Broader market outperformed the benchmark index as MID cap and SMALL cap index closed with 0.79% and 0.65% 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 with gains yesterday. Asian markets are following suit and trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with mild positive bias today with support at 15600 - 15500 level and resistance at 15900 - 16000 level

* Banking index is likely to trade with positive bias with support at 34500 - 34200 level and resistance at 35300 - 35700 level 

* BAJAJFINSV 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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