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TECHNICAL OUTLOOK

* Benchmark index recovered from lows to close with minor 0.1% cut at 16570 level yesterday. Banking index performed slightly better than the benchmark index as it closed with 0.1% gain at 35310 level

* India VIX closed with 1.1% gain at 20.2 level

* Among Sectors, METAL index outperformed the benchmark index as it closed with 1.1% gain while REALTY index underperformed as it closed with 0.8% cut. Broader market underperformed the benchmark index as SMALLCAP index closed with 1% cut.

* 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) and US markets (DJIA) closed higher on Friday. Asian Markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 16400 - 16300 level and resistance at 16700 - 16800 level.

* Banking index is likely to trade in line with the benchmark index today with support at 34800 - 34500 level and resistance at 35600 - 36000 level.

* ADANIENT has closed with bullish candlestick formation. Stock is trading above 21 EMA and it is likely to continue its positive momentum today as well

BANK NIFTY (Daily) Chart

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