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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias yesterday before closing with 0.68% gain at 22666 level. Banking index lagged the benchmark index as it closed with 0.18% gain at 48582 level.

* India VIX closed with 2.40% gain at 11.61 level.

* Among Sectors NIFTYAUTO index performed better than the benchmark index as it closed with 2.16% gain while NIFTYPSUBANK index underperformed as it closed with 0.89% cut.

* Broader market lagged the benchmark index as both MIDCAP and SMALLCAP index closed with 0.04% and 0.32% gains respectively.

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

Intraday Market Outlook

* Benchmark index is likely to open higher and trade volatile today. Index has support at 22600 - 22550 level and resistance at 22800 - 22850 level.

* Banking index is likely to trade in line with the benchmark index today with support at 48300 - 48100 level and resistance at 49000 - 49200 level.

* SRF 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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