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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias as it closed with 0.76% gain at 25011 level yesterday. Banking index underperformed the benchmark index as it closed with 0.42% gain at 51148 level.

* India VIX closed with 1.33% gain at 13.73 level.

* Among Sectors NIFTYMETAL outperformed the benchmark index as it closed with 2.16% gain while NIFTYPSUBANK index underperformed as it closed with 0.50% cut.

* Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.64% and 0.28% gains respectively.

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

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

Intraday Market Outlook

* Benchmark index is likely to trade range bound today. Index has support at 24850 - 24800 level and resistance at 25100 - 25150 level.

* Banking index is likely to trade in line with the benchmark index today with support at 50700 - 50500 level and resistance at 51500 - 51700 level.

* HDFCBANK 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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