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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias yesterday as it closed with 0.86% gain at 22336 level. Banking index performed in line with the benchmark index as it closed with 0.74% gain at 47925 level.

* India VIX closed with 5.63% cut at 12.70 level.

* Among Sectors NIFTYPSUBANK index performed better than the benchmark index as it closed with 3.07% gain while NIFTYMETAL index underperformed as it closed with 0.25% cut.

* Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.82% and 1.31% 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 higher yesterday. Asian Markets are largely trading higher today.

Intraday Market Outlook

* Benchmark index is likely to trade range bound today. Index has support at 22250 - 22200 level and resistance at 22450 - 22500 level.

* Banking index is likely to trade in line with the benchmark index today with support at 47700 - 47500 level and resistance at 48300 - 48500 level.

* TCS 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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