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TECHNICAL OUTLOOK

* Benchmark index traded rangebound before closing with 0.26% gain at 15854 level. Banking index lagged the benchmark index as it closed with 0.01% cut at 35668 level

* India VIX closed with 0.24% cut at 12.59 level 

* Among Sectors, IT and PHARMA index outperformed the benchmark index as it closed with 3.16% and 0.32% gains while REALTY and PSUBANK index underperformed as they closed with 0.95% and 0.50% cut. Broader market performed in line with benchmark index as MID cap and SMALL cap index closed with 0.23% and 0.45% gains respectively

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

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

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade range bound today with support at 15750 - 15650 level and resistance at 15925 - 16000 level

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

* LT 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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