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TECHNICAL OUTLOOK

* Benchmark index traded with negative bias on Friday as it closed with 1.03% cut at 22519 level. Banking index performed in line with the benchmark index as it closed with 0.86% cut at 48564 level.

* India VIX closed with 3.83% gain at 11.53 level.

* Among Sectors NIFTYMETAL index performed better than the benchmark index as it closed with 0.54% cut and NIFTYPHARMA index underperformed as it closed with 1.72% cut.

* Broader market performed slightly better than the benchmark index as both MIDCAP and SMALLCAP index closed with 0.62% and 0.45% 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 on Friday. Asian Markets are trading lower today.

Intraday Market Outlook

* Benchmark index is likely to open lower on unfavourable global cues and trade volatile today. Index has support at 22350 - 22300 level and resistance at 22650 - 22700 level.

* Banking index is likely to trade in line with the benchmark index today with support at 48200 - 48000 level and resistance at 48700 - 48900 level.

* MCDOWELL-N has closed above resistance level with price & volume breakout and it is likely to trade with positive bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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