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TECHNICAL OUTLOOK

* Benchmark index opened on a positive note and traded higher before closing with 0.65% gain at 15738 level. Banking index outperformed the benchmark index as it closed with 0.95% gain at 35131 level

* India VIX closed with 1.69% gain at 15 level

* Among Sectors, REALTY and PSU BANK index outperformed the benchmark index as they closed with 3.34% and 2.40% gains respectively while AUTO index lagged as it closed with 0.11% cut. Broader market continues to perform well as MID cap and SMALL cap indices closed with 1.57% and 1.61% gains respectively

* Advance/Decline ratio was in favour of advances and Cash turnover was lower than 5 day average. FII were net buyers while DII were net sellers in the cash segment

* European markets (DAX) closed with marginal cut while US markets (DJIA) closed with minor gain yesterday. However, Asian markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade rangebound today with support at 15650 - 15550 level and resistance at 15850 - 15950 level

* Banking index is likely to trade in line with the benchmark index with support at 34800 - 34500 level and resistance at 35500 - 35800 level

* SBIN 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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