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TECHNICAL OUTLOOK

* Benchmark index opened on a positive note and traded volatile before closing with 0.17% cut at 15722 level. Banking index underperformed the benchmark index as it closed with 0.68% cut at 34772 level

* India VIX closed with 0.38% gain at 13.05 level

* Among Sectors, IT and MNC index outperformed the benchmark index as they closed with 0.63% and 0.17% gains respectively while BANKING and REALTY index underperformed as they closed with 0.68% and 0.43% cut. Broader market performed better as MID cap and SMALL cap index closed with 0.26% and 0.22% gains respectively

* Advance/Decline ratio was in favour of declines 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 lower while US markets (DJIA) closed higher yesterday. Asian markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile within a broad range with support at 15600 - 15500 level and resistance at 15800 - 15900 level

* Banking index is likely to trade in line with benchmark index with support at 34400 - 34000 level and resistance at 35000 - 35300 level

* SRF 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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