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MARKET OVERVIEW

* Benchmark index traded volatile before closing with 0.55% cut at 17718 level. Banking index slightly lagged the benchmark index as it closed with 0.64% cut at 41203 level

* India VIX closed with 2.82% gain at 19.33 level

* Among Sectors, FMCG index outperformed the benchmark index as it closed with 1.18% gain while METAL and INFRA index were the laggards as they closed with 2.09% and 1.59% cut respectively. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.74% and 1.03% 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) closed higher while US markets (DJIA) closed lower yesterday after US Fed raised benchmark rates by 75 bps. Asian Markets are following suit and trading lower today.

Intraday Market Outlook

* Benchmark index is likely to open lower following weak global cues and trade volatile today. Index has support at 17550 - 17500 level and resistance at 17800 - 17900 level

* Banking index is likely to trade in line with the benchmark index today with support at 40800 - 40500 level and resistance at 41300 - 41500 level .

* VEDL has closed with bearish candlestick formation below 21 EMA and it is likely to continue its negative momentum today as well.

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