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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.21% gain at 16563 level. Banking index lagged the benchmark index as it closed with 0.21% cut at 36095 level.

* India VIX closed with 3.62% gain at 13.46 level

* Among Sectors, METAL and ENERGY indices outperformed the benchmark index as they closed with 1.48% and 0.55% gains while MEDIA and PSUBANK index underperformed as they closed with 1.44% and 0.99% cut respectively. Broader market underperformed the benchmark index as MID cap and small cap index closed with 0.34% and 0.78% 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) closed lower while US markets (DJIA) closed higher yesterday. However, Asian markets are trading largely lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade rangebound today with support at 16450 - 16350 level and resistance at 16650 - 16750 level

* Banking index is likely to trade in line with benchmark index today with support at 35800 - 35600 level and resistance at 36300 - 36500 level

* IOC has closed with strong bullish candlestick formation with above average volumes on daily chart. Price has closed above 21 EMA and it is likely to continue its upside momentum today as well.

BANK NIFTY (Daily) Chart

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