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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with marginal cut of 0.07% at 15740 level. Banking index underperformed the benchmark index as it closed with 1.01% cut at 35085 level

* India VIX closed with 2.18% cut at 15.23 level

* Among Sectors, IT and PHARMA index outperformed the benchmark index as they closed with 1.20% and 0.86% gains respectively while PSU BANK and METAL index lagged as they closed with 1.45% and 1.06% cut. Broader market performed better as MID cap and SMALL cap index closed with 0.60% and 0.54% gains respectively

* Advance/Decline ratio was in favour of advances 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 yesterday. Asian markets are trading with minor losses today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade rangebound with support at 15600 - 15500 and resistance at 15850 - 15950 level

* Banking index is likely to trade range bound with support at 34800 - 34500 and resistance at 35400 - 35700 level

* HCLTECH has closed with bullish candlestick formation above 21 EMA and it is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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