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TECHNICAL OUTLOOK

* Benchmark index closed with 0.87% gain at 18212 level. Banking index performed in line with the benchmark index as it closed with 0.74% gain at 38728 level

* India VIX closed with 3.27% cut at 17.18 level

* Among Sectors, ENERGY and REALTY index outperformed the benchmark index as they closed with 2.14% and 1.91% gains while PHARMA index lagged as it closed with 0.15% cut. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 1.25% and 0.88% gains respectively

* Advance/Decline ratio was in favour of advances 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 higher yesterday. However, Asian Markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with mild positive bias albeit with volatile price action due to weekly expiry today. Index has support at 18100 - 18000 level and resistance at 18350 - 18450 level.

* Banking index is likely to trade in line with benchmark index today with support at 38400 - 38100 level and resistance at 39100 - 39300 level.

* RELIANCE has closed with bullish candlestick formation with above average volumes. Stock is likely to continue its positive momentum today as well

BANK NIFTY (Daily) Chart

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