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TECHNICAL OUTLOOK

* Benchmark index traded with negative bias before closing with 1.16% cut at 24199 level yesterday. Banking index performed better than the benchmark index as it closed with 0.77% cut at 51916 level.

* India VIX closed with 0.49% gain at 14.94 level.

* Among Sectors NIFTYPSUBANK outperformed the benchmark index as it closed with 0.01% gain while NIFTYMETAL underperformed as it closed with 2.73% gain.

* Broader market performed slightly better than the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.43% and 0.75% cut respectively.

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

* European markets (DAX) closed higher while US markets (DJIA) closed flat yesterday. Asian Markets are trading higher today.

Intraday Market Outlook

* Benchmark index is likely to trade volatile today. Index has support at 24000 - 23950 level and resistance at 24400 - 24450 level.

* Banking index is likely to perform in line with benchmark index today with support at 51500 - 51200 level and resistance at 52400 - 52700 level.

* HDFCBANK closed with Doji candlestick pattern near its support and it is likely to trade with a positive bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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