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TECHNICAL OUTLOOK

* Benchmark index opened on a positive note and traded higher before closing with 0.95% gain at 15583 level. Banking index performed better as it closed with 1.10% gain at 35527 level

* India VIX closed with 2.93% cut at 16.89 level

* Among Sectors, METAL and ENERGY index outperformed the benchmark index as they closed with 2.10% and 1.75% gains respectively while PSU BANK index underperformed as it closed with 0.69% cut. Broader market lagged as MID cap index and SMALL cap index closed with 0.31% and 0.14% minor gains respectively

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

* European markets (DAX) closed lower while US markets (DJIA) closed with marginal gains yesterday. Asian markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with mild positive bias with support at 15500 - 15400 and resistance at 15700 - 15800 level

* Banking index is likely to trade in line with the benchmark index with support at 35300 - 35000 and resistance at 36000 - 36300 level

* ABFRL 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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