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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.81% gain at 16794 level. Banking index underperformed the benchmark index as it closed with 0.62% cut at 36205 level

* India VIX closed with 6.84% gain at 28.57 level

* Among Sectors, METAL and PSE index outperformed as they closed with 4.95% and 3.29% gains while AUTO and BANKING index underperformed as they closed with 0.69% and 0.62% cut. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.97% and 0.59% 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 sharp cut yesterday. Asian Markets are largely trading lower today on further escalation in geopolitical tensions

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open lower and trade with negative bias with support at 16400 - 16250 level and resistance at 16900 - 17000 level

* Banking index is likely to trade in line with the benchmark index today with support at 35500 - 35000 level and resistance at 36400 - 36700 level.

* HDFCBANK has closed with bearish candlestick formation with above average volumes. Stock is trading below 21EMA and it is likely to continue it negative momentum today as well.

BANK NIFTY (Daily) Chart

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