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TECHNICAL OUTLOOK

* Benchmark index traded range bound before closing with 0.13% gain at 24642 level yesterday. Banking index underperformed the benchmark index as it closed with 0.35% cut at 53391 level.

* India VIX closed with 3.70% cut at 13.26 level.

* Among Sectors, NIFTYFMCG outperformed the benchmark index as it closed with 0.42% gain while PSUBANK underperformed as it closed with 0.89% cut.

* Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.27% and 0.38% gains respectively.

* Advance/Decline ratio was in favour of advances and cash turnover was lower than the 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 trading higher today.

Intraday Market Outlook

* Benchmark index is likely to trade volatile on weekly expiry today. Index has support at 24500 - 24450 level and resistance at 24800 - 24850 level.

* Banking index is likely to trade in line with the benchmark index with support at 52900 - 52700 level and resistance at 53900 - 54100 level.

* KPITTECH 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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