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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias on Thursday as it closed with 0.92% gain at 22327 level. Banking index lagged the benchmark index as it closed with 0.72% gain at 47124 level.

* India VIX closed with 1.02% gain at 12.83 level.

* Among Sectors NIFTYPSUBANK index performed better than the benchmark index as it closed with 2.62% gain and NIFTYMEDIA index underperformed as it closed with 0.70% cut.

* Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.50% and 0.04% gains respectively.

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

* Both European markets (DAX) and US markets (DJIA) closed with minor gains on Thursday. Asian Markets are trading mixed today.

Intraday Market Outlook

* Benchmark index is likely to trade with mild positive bias today with support at 22200 - 22150 level and resistance at 22450 - 22500 level. 

* Banking index is likely to trade in line with the benchmark index today with support at 46800 - 46600 level and resistance at 47500 - 47700 level. 

* ICICIBANK has closed with bullish candlestick and it is likely to trade with positive bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Charts

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