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TECHNICAL OUTLOOK

* Benchmark index traded volatile for the day before closing with 0.55% cut at 16125 level. Banking index slightly outperformed the benchmark index as it closed with 0.12% gain at 34290 level

* India VIX closed with 9.57% gain at 25.64 level

* Among Sectors, BANKING index outperformed the benchmark index as it closed with 0.12% gain while MEDIA and IT index were the laggards as they closed with 2.57% and 1.88% cut. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.65% and 1.26% 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) closed lower while US markets (DJIA) recovered from lows to close with minor gain yesterday. Asian Markets are largely trading positive today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 16000 - 15900 level and resistance at 16300 - 16400 level.

* Banking index is likely to trade in line with the benchmark index today with support at 33900 - 33600 level and resistance at 34700 - 35000 level.

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

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