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TECHNICAL OUTLOOK

* Benchmark index opened on a positive note and traded higher before closing with 0.78% gain at 16625 level. Banking index outperformed the benchmark index as it closed with 1.67% gain at 35712 level.

* India VIX closed with 3.65% cut at 13.19 level

* Among Sectors, METAL and MEDIA indices outperformed the benchmark index as they closed with 2.90% and 1.96% gains while FMCG and IT index underperformed as they closed with 0.67% and 0.24% cut respectively. Broader market outperformed the benchmark index as both MID cap and small cap index closed with 1.43% and 2.00% 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) closed higher while US markets (DJIA) closed with minor gains yesterday. Asian markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with mild positive bias today with support at 16550 - 16450 level and resistance at 16700 - 16800 level

* Banking index is likely to trade in line with the benchmark index today with support at 35400 - 35200 level and resistance at 36000 - 36300 level

* TECHM has closed with Bullish candlestick formation with above average volumes. It is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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