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TECHNICAL OUTLOOK

* Benchmark index traded range bound yesterday before closing unchanged at 22302 level. Banking index underperformed the benchmark index as it closed with 0.55% cut at 48021 level.

* India VIX closed with 0.43% gain at 17.08 level.

* Among Sectors NIFTYPSE index performed better than the benchmark index as it closed with 2.39% gain while FINNIFTY index underperformed as it closed with 0.53% cut.

* Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.73% and 0.57% gains respectively.

* Advance/Decline ratio was in favour of advances 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) and US markets (DJIA) closed higher yesterday. Asian Markets are trading mixed today.

Intraday Market Outlook

* Benchmark index is likely to witness recovery and trade with positive bias today. Index has support at 22200 - 22150 level and resistance at 22500 - 22550 level.

* Banking index is likely to trade in line with the benchmark index today with support at 47700 - 47500 level and resistance at 48500 - 48700 level.

* BEL has closed with bullish candlestick and it is likely to trade with positive bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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