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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias before closing with 0.28% gain at 23518 level on Tuesday. Banking index performed better than the benchmark index as it closed with 0.52% gain at 50626 level.

*  India VIX closed with 3.26% gain at 15.66 level.

* Among Sectors NIFTYMEDIA outperformed the benchmark index as it closed with 2.45% gain while NIFTYMETAL underperformed as it closed with 0.85% cut.

* Broader market outperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.93% and 0.97% gains 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 lower while 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 23250 - 23150 level and resistance at 23650 - 23750 level.

* Banking index is likely to perform in line with benchmark index today with support at 50000 - 49800 level and resistance at 51000 - 51200 level.

* BAJAJFINSV closed with a negative candlestick pattern and it is likely to trade with a negative bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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