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TECHNICAL OUTLOOK

* Benchmark index traded volatile yesterday before closing with 0.22% gain at 22104 level. Banking index outperformed the benchmark index as it closed with 0.70% gain at 47754 level.

* India VIX closed with 11.52% gain at 20.60 level.

* Among Sectors NIFTYPHARMA index performed better than the benchmark index as it closed with 1.77% gain while NIFTYAUTO index underperformed as it closed with 1.68% cut.

* Broader market traded mixed as MIDCAP index closed with 0.41% gain while SMALLCAP index closed with 0.43% cut.

* Advance/Decline ratio was in favour of advances and cash turnover was lower 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. Asian Markets are largely trading higher today.

Intraday Market Outlook

* Benchmark index is likely to witness further recovery and trade with mild positive bias today. Index has support at 22000 - 21900 level and resistance at 22300 - 22400 level.

* Banking index is likely to trade in line with the benchmark index today with support at 47300 - 47000 level and resistance at 48200 - 48500 level.

* HDFCBANK has closed with bullish candlestick and it is likely to trade with positive bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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