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TECHNICAL OUTLOOK

* Benchmark index traded with negative bias before closing with 0.65% cut at 16988 level. Banking index traded in line with the benchmark index as it closed with 0.60% cut at 39362 level.

* India VIX closed with 8.40% gain at 16.00 level.

* Among Sectors FMCG and MEDIA index outperformed the benchmark index as they closed with 0.79% and 0.12% gains respectively while METAL index underperformed as it closed with 2.35% cut. Broader market underperformed the benchmark index as both MIDCAP and SAMLLCAP index closed with 1.12% and 0.99% cut respectively.

* Advance/Decline ratio was in favour of declines 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) and US markets (DJIA) closed higher yesterday. Asian Markets are following suit and largely trading higher today.

Intraday Market Outlook

* Benchmark index is likely to open higher on favourable global cues and trade volatile today. Index has support at 16850 - 16800 level and resistance at 17150 – 17200 level.

* Banking index is likely to outperform benchmark index today with support at 39000 - 38800 level and resistance at 39800 - 40000 level.

* ICICIBANK has closed with bullish candlestick and it is likely to trade with positive bias today as well.

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