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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.01% minor cut at 15923 level. Banking index underperformed the benchmark index as it closed with 0.43% cut at 35752 level

* India VIX closed with 4.56% cut at 11.71 level

* Among Sectors, PHARMA and REALTY index outperformed the benchmark index as it closed with 1.16% and 1.14% gains respectively while IT and BANKING index underperformed as they closed with 1.07% and 0.43% cut. Broader market performed better compared to the benchmark index as both MID cap and SMALL cap index closed with 0.35% and 1.10% 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) and US markets (DJIA) closed lower on Friday. Asian markets are following suit and trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with negative bias today following weak global cues. Nifty has support at 15700 - 15600 level and resistance at 15900 - 16000 level

* Banking index is likely to trade in line with the benchmark index with support at 35000 – 34700 level and resistance at 35700 - 36000 level

* EICHERMOT is trading below 21 EMA and it is likely to continue its downside momentum today as well.

BANK NIFTY (Daily) Chart

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