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TECHNICAL OUTLOOK

* Benchmark index closed with 0.7% gain at 17925 level. Banking index outperformed the benchmark index as it closed with 2.3% gain at 37695 level

* India VIX closed with 6.9% gain at 17.2 level

* Among Sectors, METAL index performed better than the benchmark index as it closed with 1.4% gain while IT and PHARMA index underperformed as they closed with 2% and 0.3% cut respectively. Broader market traded mixed as MIDCAP index closed 0.2% higher while SAMLLCAP index closed 0.25% lower.

* Advance/Decline ratio was in favour of advances and cash turnover was higher than 5-day average. Both FII and DII were net buyers in the cash segment

* European markets (DAX) closed with gains while US markets (DJIA) closed lower yesterday. Asian Markets are largely trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Following weak Global Cues, Benchmark index is likely to open lower and trade volatile today with support at 17700 - 17600 level and resistance at 18000 - 18100 level.

* Banking index is likely to trade in line with benchmark index today with support at 37000 - 36500 level and resistance at 38000 - 38200 level.

* INFY has closed with bearish candlestick formation with above average volumes. It is likely to continue its negative momentum today as well.

BANK NIFTY (Daily) Chart

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