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TECHNICAL OUTLOOK

* Benchmark index traded range bound before closing with 0.04% gain at 24467 level yesterday. Banking index outperformed the benchmark index as it closed with 1.08% gain at 53267 level.

* India VIX closed with 0.54% gain at 14.45 level.

* Among Sectors, PSUBANK outperformed the benchmark index as it closed with 2.25% gain while NIFTYFMCG underperformed as it closed with 0.73% cut.

* Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.05% and 0.89% gains respectively.

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

* Both European markets (DAX) and US markets (DJIA) closed higher 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 24300 - 24250 level and resistance at 24600 - 24650 level.

* Banking index is likely to trade in line with the benchmark index with support at 52800 - 52600 level and resistance at 53700 - 53900 level.

* COLPAL closed with a positive candlestick pattern and it is likely to trade with a positive bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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