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TECHNICAL OUTLOOK

* Benchmark index opened with gap up and traded higher before closing with 0.39% gain at 15799 level. Banking index underperformed the benchmark index as it closed with 0.24% cut at 35047 level

* India VIX closed with 6% cut at 14.10 level

* Among Sectors, METAL and IT index outperformed the benchmark index as they closed with 2.69% and 1.51% gains respectively while REALTY index lagged as it closed with 1.04% cut. Broader market performed in line with the benchmark index as MID cap and SMALL cap index closed with 0.22% and 0.54% gains respectively

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

* European markets (DAX) and US markets (DJIA) closed with gains on Friday. 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 15900 - 16000 level

* Banking index is likely to trade range bound with support at 34600 - 34300 level and resistance at 35400 - 35700 level

* TATASTEEL 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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