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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias before closing with 2.39% gain at 23907 level on Friday. Banking index underperformed the benchmark index as it closed with 1.51% gain at 51135 level.

* India VIX closed with 0.67% gain at 16.09 level.

* Among Sectors NIFTYIT outperformed the benchmark index as it closed with 3.29% gain while NIFTYMEDIA underperformed as it closed with 0.32% cut.

* Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 1.16% and 0.90% gains respectively.

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

* Both European markets (DAX) and US markets (DJIA) closed higher on Friday. Asian Markets are largely trading higher today.

Intraday Market Outlook

* Benchmark index is likely to open higher and trade with positive bias today. Index has support at 24000 - 23900 level and resistance at 24400 - 24500 level.

* Banking index is likely to perform in line with benchmark index today with support at 51400 - 51100 level and resistance at 52300 - 52600 level.

* RELIANCE 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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