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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias yesterday as it closed with 0.15% gain at 22402 level. Banking index outperformed the benchmark index as it closed with 0.46% gain at 48189 level.

* India VIX closed with 0.78% gain at 10.27 level.

* Among Sectors NIFTYMETAL index performed better than the benchmark index as it closed with 2.69% gain while NIFTYIT index underperformed as it closed with 0.81% cut.

* Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.76% and 0.36% 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 lower yesterday. Asian Markets are largely trading lower today.

Intraday Market Outlook

* Benchmark index is likely to trade volatile on monthly expiry today. Index has support at 22250 - 22200 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.

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

NIFTY (Daily) Chart

BANK NIFTY (Daily) Charts

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