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TECHNICAL OUTLOOK

*  Benchmark index traded with negative bias before closing with 1.07% cut at 23883 level on yesterday. Banking index underperformed the benchmark index as it closed with 1.39% cut at 51157 level.

*  India VIX closed with 2.24% gain at 14.59 level.

*  Among Sectors NIFTYREALTY outperformed the benchmark index as it closed with 0.18% gain while NIFTYPSE underperformed as it closed with 2.41% cut.

*  Broader market traded in line with the benchmark index as both MIDCAP index and SMALLCAP index closed with 1.07% and 1.28% cut respectively.

*  Advance/Decline ratio was in favour of declines and cash turnover was lower 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 lower yesterday. Asian Markets are following suit and trading lower today.

Intraday Market Outlook

*  Benchmark index is likely to open lower on unfavourable global cues and trade volatile today. Index has support at 23650 - 23600 level and resistance at 24000 - 24100 level.

*  Banking index is likely to perform in line with benchmark index today with support at 50500 - 50300 level and resistance at 51500 - 51700 level.

*  ABCAPITAL 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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