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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias before closing with 1.32% gain at 24222 level yesterday. Banking index outperformed the benchmark index as it closed with 2.1% gain at 52207 level.

* India VIX closed with 4.94% cut at 15.30 level.

* Among Sectors PSUBANK outperformed the benchmark index as it closed with 4.16% gain while NIFTYMETAL underperformed as it closed with 0.42% gain.

* Broader market outperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 1.61% and 2.03% 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.

* Both European markets (DAX) and US markets (DJIA) closed higher yesterday. However, Asian Markets are trading mixed today.

Intraday Market Outlook

* Benchmark index is likely to trade volatile today. Index has support at 24050 - 24000 level and resistance at 24400 - 24500 level.

* Banking index is likely to perform in line with benchmark index today with support at 51700 - 51500 level and resistance at 52700 - 52900 level.

* AXISBANK closed with a reversal formation near its support zone and it is likely to trade with a positive bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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