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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias before closing with 1.12% gain at 24484 level yesterday. Banking index lagged the benchmark index as it closed with 0.21% gain at 52317 level.

* India VIX closed with 7.78% cut at 14.86 level.

* Among Sectors NIFTYIT outperformed the benchmark index as it closed with 3.99% gain while FINNIFTY underperformed as it closed with 0.22% gain.

* Broader market outperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 2.21% and 2.18% 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.

* 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 open lower and trade volatile on weekly expiry today. Index has support at 24250 - 24150 level and resistance at 24600 - 24700 level.

* Banking index is likely to perform in line with benchmark index today with support at 51800 - 51500 level and resistance at 52800 - 53000 level.

* LT closed with 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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