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TECHNICAL OUTLOOK

* Benchmark index traded on a positive note as it closed with 2.53% gain at 16658 level. Banking index outperformed the benchmark index as it closed with 3.41% gain at 36431 level

* India VIX closed with 16.39% cut at 26.74 level

* Among Sectors, METAL and REALTY index outperformed as they closed with 5.74% and 5.34% gains. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 4.18% and 4.84% 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 with gains on Friday. However, Asian Markets are trading mixed today as investors remained concerned about the geopolitical tensions which is not showing any sign of de-escalation

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 16500 - 16400 level and resistance at 16800 - 17000 level

* Banking index is likely to trade in line with the benchmark index today with support at 35800 - 35500 level and resistance at 37000 - 37300 level.

* MCDOWELL-N has closed with bullish candlestick formation with above average volumes. 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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