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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.34% cut at 23453 level yesterday. Banking index performed slightly better than the benchmark index as it closed with 0.37% gain at 50363 level.

* India VIX closed with 2.66% gain at 15.16 level.

* Among Sectors NIFTYMETAL outperformed the benchmark index as it closed with 1.90% gain while NIFTYIT underperformed as it closed with 2.32% cut.

* Broader market traded mixed as MIDCAP index closed flat while SMALLCAP index closed with 0.53% cut.

* 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.

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

Intraday Market Outlook

* Benchmark index is likely to trade with mild positive bias today. Index has support at 23350 - 23300 level and resistance at 23700 - 23750 level.

* Banking index is likely to perform in line with benchmark index today with support at 50000 - 49800 level and resistance at 50800 - 51000 level.

* SBIN 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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