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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias yesterday before closing with 0.35% gain at 24587 level. Banking index performed in line with the benchmark index as it closed with 0.34% gain at 52456 level.

* India VIX closed with 3.37% gain at 14.18 level.

* Among Sectors NIFTYPSUBANK index performed better than the benchmark index as it closed with 3.07% gain while NIFTYIT index underperformed as it closed with 0.29% cut.

* Broader market outperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.86% and 0.52% gains respectively.

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

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

Intraday Market Outlook

* Benchmark index is likely to trade volatile today. Index has support at 24450 - 24400 level and resistance at 24750 - 24800 level.

* Banking index is likely to trade in line with the benchmark index today with support at 52000 - 51800 level and resistance at 52900 - 53100 level.

* HDFCBANK witnessed recovery from lower levels yesterday and it is likely to trade with positive bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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