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TECHNICAL OUTLOOK

* Benchmark index traded volatile yesterday before closing with 0.92% gain at 22404 level. Banking index slightly underperformed the benchmark index as it closed with 0.61% gain at 47977 level.

* India VIX closed with 1.37% cut at 19.99 level.

* Among Sectors NIFTYIT index performed better than the benchmark index as it closed with 1.66% gain while NIFTYPSUBANK index underperformed as it closed with 0.88% cut.

* Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.88% and 0.84% gains respectively.

* Advance/Decline ratio was in favour of advances and cash turnover was higher 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 traded mixed today.

Intraday Market Outlook

* Benchmark index is likely to trade volatile today. Index has support at 22250 - 22150 level and resistance at 22550 - 22650 level.

* Banking index is likely to trade in line with the benchmark index today with support at 47500 - 47300 level and resistance at 48500 - 48700 level.

* AXISBANK 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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