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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.03% cut at 24406 level. Banking index underperformed the benchmark index as it closed with 0.83% cut at 50888 level.

* India VIX closed with 7.27% gain at 12.61 level.

* Among Sectors NIFTYENERGY index performed better than the benchmark index as it closed with 1.27% gain while NIFTYMETAL index underperformed as it closed with 1.29% cut.

* Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.23% and 0.27% cut respectively.

* Advance/Decline ratio was equal for both side 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) closed lower while US markets (DJIA) closed higher yesterday. Asian Markets are trading higher today.

Intraday Market Outlook

* Benchmark index is likely to trade with mild positive bias today. Index has support at 24300 - 24250 level and resistance at 24550 - 24600 level.

* Banking index is likely to trade in line with the benchmark index today with support at 50500 - 50300 level and resistance at 51300 - 51500 level.

* ONGC closed with bullish candlestick pattern and it is likely to trade with positive bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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