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TECHNICAL OUTLOOK

* Benchmark index traded with negative bias yesterday as it closed with 1.54% cut at 21238 level. Banking index underperformed the benchmark index as it closed with 2.26% cut at 45015 level.

* India VIX closed with 7.61% gain at 14.85 level.

* Among Sectors NIFTYPHARMA index performed better than the benchmark index as it closed with 1.66% gain while NIFTYMEDIA index underperformed as it closed with 12.87% cut.

* Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 2.95% and 2.79% cut respectively.

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

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

Intraday Market Outlook

* Benchmark index is likely to trade volatile today. Index has support at 21100 - 21000 level and resistance at 21400 – 21450 level.

* Banking index is likely to trade in line with benchmark index today with support at 44600 - 44400 level and resistance at 45400 - 45600 level.

* HINDALCO has closed with bearish candlestick and it is likely to trade with negative bias today

NIFTY (Daily) Chart

BANK NIFTY (Daily) Charts

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