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TECHNICAL OUTLOOK

Benchmark index traded volatile before closing with 0.67% cut at 16302 level. Banking index underperformed the benchmark index as it closed with 0.91% cut at 34275 level  India VIX closed with 3.67% gain at 22.03 level

Among Sectors, IT index outperformed the benchmark index as it closed with minor 0.05% gain while ENERGY and MEDIA index were the laggards as they closed with 2.71% and 2.65% cut. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.78% and 2.12% cut respectively

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 trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

Benchmark index is likely to trade open lower and trade volatile today. Index has support at 16100 - 16000 level and resistance at 16400 - 16500 level.

Banking index is likely to trade in line with the benchmark index today with support at 33700 - 33300 level and resistance at 34500 - 34800 level.

CHAMBELFERT has closed with bearish candlestick formation. Stock is trading below 21 EMA and it is likely to continue its negative price action today as well.

BANK NIFTY (Daily) Chart

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