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TECHNICAL OUTLOOK

* Benchmark index traded with negative bias as it closed with 1.17% cut at 24852 level on Friday. Banking index underperformed as it closed with 1.74% cut at 50576 level

* India VIX closed with 7.11% gain at 15.21 level

* Among Sectors PSUBANK underperformed as it closed with 3.57% cut

* Broader market traded in line with benchmark index as both MIDCAP100 and SMALLCAP100 index closed with 1.59% and 1.25% cut respectively

* Advance/Decline ratio was in favour of declines and cash turnover was higher than 5-day average. FII were net sellers while DII were net buyers in the cash segment.

* Both European markets (DAX) and US markets (DJIA) closed lower on Friday. Asian Markets are trading with negative bias today.

Intraday Market Outlook

* Benchmark index is likely to open lower on negative global cues and trade volatile today. Index has support at 24650 - 24600 level and resistance at 25000 - 25050 level.

* Banking index is likely to perform in line with benchmark index today with support at 50000 - 49700 level and resistance at 50800 - 51000 level.

* FEDERALBANK has closed with bearish candlestick pattern and it is likely to trade with negative bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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