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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.37% cut at 16523 level. Banking index outperformed the benchmark index as it closed with 0.38% gain at 35621 level

* India VIX closed with 1.81% gain at 20.85 level

* Among Sectors, PSUBANK and PSE index outperformed the benchmark index as they closed with 0.70% and 0.41% gain while IT and PHARMA were the laggards as they closed with 1.41% and 1.27% cut respectively. Broader market performed better than the benchmark index as both MIDCAP and SMALLCAP index closed with 0.04% and 0.28% gains.

* 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 lower yesterday. Asian Markets are following suit and largely trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open lower and trade volatile today. Index has support at 16400 - 16300 level and resistance at 16600 - 16700 level.

* Banking index is likely to trade in line with the benchmark index today with support at 35250 - 35000 level and resistance at 36000 - 36300 level.

* BEL 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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