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TECHNICAL OUTLOOK

* Benchmark index closed with 0.79% cut at 17617 level. Banking index performed in line with the benchmark index as it closed with 0.73% cut at 37574 level

* India VIX closed with 6.18% gain at 18.89 level

* Among Sectors, FMCG index outperformed the benchmark index as it closed with 0.36% gains while MEDIA and PSUBANK index underperformed as they closed with 3.47% and 3.05% cut. Broader market largely underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 2.39% and 2.28% cut respectively.

* Advance/Decline ratio was in favour of declines and cash turnover was higher 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 with sharp cuts on Friday. Asian Markets are following suit and trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open in negative territory following weak global cues but may see recovery from lower levels later in the day. Index has support at 17450 - 17350 level and resistance at 17700 - 17800 level.

* Banking index is likely to trade within a broad range with elevated volatility. Index has support at 37200 - 37000 level and resistance at 38000 - 38200 level.

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

BANK NIFTY (Daily) Chart

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