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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with minor 0.06% gain at 17535 level. Banking index performed in line with the benchmark index as it closed with 0.13% gain at 38288 level

* India VIX closed with 1.50% gain at 19.59 level

* Among Sectors, METAL index outperformed the benchmark index as it closed with 1.62% gain while IT and REALTY index were the laggards as they closed with 0.89% and 0.87% cut respectively. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.16% and 0.35% cut respectively.

* Advance/Decline ratio was in favour of advances and cash turnover was lower than 5-day average. FII were net buyers while DII were net sellers in the cash segment ? European markets (DAX) and US markets (DJIA) closed higher yesterday as July US CPI data came below market expectation. Asian Markets are following suit and trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open higher on the back of favourable global cues and trade with positive bias today. Index has 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 38200 - 38000 level and resistance at 38700 - 39000 level

* UBL has closed with bullish candlestick formation above 21 EMA and it is likely to continue its positive momentum today as well.

BANK NIFTY (Daily) Chart

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