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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.15% cut at 24435 level yesterday. Banking index performed in line with the benchmark index as it closed with 0.04% cut at 51239 level.

* India VIX closed with 1.58% gain at 14.62 level.

* Among Sectors NIFTYIT performed slightly better than the benchmark index as it closed with 2.38% cut and NIFTYPHARMA underperformed as it closed with 1.56% cut.

* Broader market outperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.64% and 1.25% gains respectively.

* Advance/Decline ratio was in favour of declines and cash turnover was higher than the 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 yesterday. Asian Markets are trading mixed today.

Intraday Market Outlook

* Benchmark index is likely to trade volatile on weekly expiry today. Index has support at 24250 - 24150 level and resistance at 24600 - 24700 level.

* Banking index is likely to perform in line with benchmark index today with support at 50800 - 50500 level and resistance at 51700 - 51900 level.

* HDFCBANK has closed with bullish candlestick pattern. It is likely to trade with a positive bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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