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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 1.49% cut at 23914 level yesterday. Banking index performed better than the benchmark index as it closed with 0.76% cut at 51907 level.

* India VIX closed with 3.97% gain at 15.20 level.

* Among Sectors PSUBANK outperformed the benchmark index as it closed with 0.93% gain while NIFTYIT underperformed as it closed with 2.39% cut.

* Broader market traded better than the benchmark index as both MIDCAP and SMALLCAP index closed with 0.05% gain each.

* 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.

* European markets (DAX) closed higher while US markets (DJIA) were shut due to holiday yesterday. Asian Markets are trading mixed today.

Intraday Market Outlook

* Benchmark index is likely to trade volatile today. Index has support at 23750 - 23700 level and resistance at 24100 - 24150 level.

* Banking index is likely to trade in line with the benchmark index with support at 51500 - 51300 level and resistance at 52400 - 52600 level.

* AUROPHARMA 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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