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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with minor 0.13% gain at 16280 level. Banking index performed almost inline compared to the benchmark index as it closed with minor 0.01% gain at 36034 level.

* India VIX closed with 0.79% gain at 12.71 level

* Among Sectors, METAL and PSUBANK index underperformed the benchmark index as they closed with 2.77% and 2.61% cut respectively. Broader market underperformed the benchmark index by a wide margin as both MID cap and Small cap index closed with 1.09% and 2.30% 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 with minor gains while US markets (DJIA) closed near day’s high yesterday. However, Asian markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade rangebound today albeit with high volatility. Nifty has support at 16150 - 16050 level and resistance at 16360 - 16450 level

* Banking index is likely to trade in line with benchmark index today with support at 35700 - 35500 level and resistance at 36400 - 36600 level

* HDFC LTD has closed with bullish candlestick formation with above average volumes. Price is trading above 21 EMA and it is likely to continue its upside momentum today as well.

BANK NIFTY (Daily) Chart

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