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TECHNICAL OUTLOOK

* Benchmark index traded volatile yesterday before closing with 0.76% gain at 24800 level. Banking index underperformed the benchmark index as it closed with 0.43% gain at 52620 level.

* India VIX closed with 2.02% gain at 14.51 level.

* Among Sectors NIFTYIT index performed better than the benchmark index as it closed with 2.22% gain while NIFTYMEDIA index underperformed as it closed with 3.57% cut.

* Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.96% and 1.22% cut respectively.

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

*  European markets (DAX) and US markets (DJIA) closed lower yesterday. Asian Markets are following suit and trading lower today.

Intraday Market Outlook

* Benchmark index is likely to open higher and trade volatile today. Index has support at 24600 - 24550 level and resistance at 24950 - 25000 level.

*  Banking index is likely to trade in line with the benchmark index today with support at 52200 - 52000 level and resistance at 53000 - 53200 level.

* ITC 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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