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TECHNICAL OUTLOOK

* Benchmark index traded range bound on Saturday before closing with 0.16% gain at 22502 level. Banking index performed in line with the benchmark index as it closed with 0.17% gain at 48200 level.

* India VIX closed with 3.67% gain at 20.52 level.

* Among Sectors NIFTYMEDIA index performed better than the benchmark index as it closed with 1.24% gain while FINNIFTY index underperformed as it closed with 0.11% gain.

* Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.51% and 0.82% gains respectively.

* Advance/Decline ratio was in favour of advances and cash turnover was lower than 5-day average. Both FII & DII were net sellers in the cash segment.

* European markets (DAX) closed higher while US markets (DJIA) closed lower yesterday. Asian Markets are largely trading lower today

Intraday Market Outlook

* Benchmark index is likely to trade volatile today. Index has support at 22400 - 22350 level and resistance at 22700 - 22800 level.

* Banking index is likely to trade in line with the benchmark index today with support at 47800 -47600 level and resistance at 48700 - 49000 level.

* ITC has witnessed recovery and it is likely to trade with positive bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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