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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 1.12% cut at 16606 level. Banking index underperformed the benchmark index as it closed with 2.30% cut at 35373 level  India VIX closed with 2.31% gain at 29.23 level

* Among Sectors, METAL and MEDIA index outperformed as they closed with 4.07% and 1.87% gains while AUTO and BANKING index underperformed as they closed with 2.96% and 2.30% cut respectively. Broader market traded mixed as MIDCAP index closed with 0.02% minor cut while SMALLCAP index closed with 0.50% gain.

* 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 higher yesterday. Asian Markets are largely trading higher today

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile on weekly expiry today with support at 16500 - 16400 level and resistance at 16750 - 16850 level

* Banking index is likely to trade in line with the benchmark index today with support at 35000 - 34700 level and resistance at 35900 - 36200 level.

* CHAMBLFERT has closed with bullish candlestick formation. Stock is trading above 21EMA and it is likely to continue it positive momentum today as well.

BANK NIFTY (Daily) Chart

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