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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias before closing with 0.75% gain at 24457 level yesterday. Banking index outperformed the benchmark index as it closed with 1.13% gain at 52696 level.

* India VIX closed with 2.23% cut at 14.37 level.

* Among Sectors, PSUBANK outperformed the benchmark index as it closed with 2.60% gain while NIFTYFMCG underperformed as it closed with 0.39% cut.

* Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.89% and 0.84% gains respectively.

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

* European markets (DAX) closed higher while US markets (DJIA) closed lower yesterday. Asian Markets are trading mixed today.

Intraday Market Outlook

* Benchmark index is likely to trade range bound today. Index has support at 24300 - 24250 level and resistance at 24600 - 24650 level.

* Banking index is likely to trade in line with the benchmark index with support at 52200 - 52000 level and resistance at 53200 - 53500 level.

* TITAN 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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