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MARKET OVERVIEW

* Benchmark index traded volatile on weekly expiry before closing with 0.5% cut at 17630 level. Banking index underperformed the benchmark index as it closed with 1.39% cut at 40631 level

* India VIX closed with 2.53% gain at 19.82 level

* Among Sectors, MEDIA and FMCG index outperformed the benchmark index as they closed with 0.98% and 0.69% gains while PSUBANK and BANKING index were the laggards as they closed with 1.51% and 1.37% cut respectively. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.80% and 0.25% 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 lower yesterday. Asian Markets are trading lower today.

Intraday Market Outlook

* Benchmark index is likely to trade with mild negative bias today with support at 17500 - 17400 level and resistance at 17700 - 17800 level

* Banking index is likely to trade in line with the benchmark index today with support at 40200 - 40000 level and resistance at 40800 - 41000 level

* POWERGRID 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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