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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias before closing with 1.76% gains at 24835 level. Banking index underperformed the benchmark index as it closed with 0.80% gains at 51296 level.

* India VIX closed with 2.93% cut at 12.24 level.

* Among Sectors NIFTYMETAL index performed better than the benchmark index as it closed with 3.01% gain while NIFTYFMCG index underperformed as it closed with 0.95% gain.

* Broader market performed in line with the benchmark index as both MIDCAP index and SMALLCAP index closed with 1.81% and 0.97% gains respectively.

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

* European markets (DAX) and US markets (DJIA) closed higher on Friday. Asian Markets are following suit and trading higher today.

Intraday Market Outlook

* Benchmark index is likely to open higher following supportive global cues and trade with positive bias today. Index has support at 24750 - 24700 level and resistance at 25000 - 25100 level.

* Banking index is likely to trade in line with the benchmark index today with support at 51100 - 50900 level and resistance at 52000 - 52200 level.

* TATASTEEL closed with bullish candlestick pattern and it is likely to trade with positive bias today

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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