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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.26% cut at 17616 level. Banking index performed in line with the benchmark index as it closed with 0.35% cut at 40513 level.

* India VIX closed with 0.56% cut at 16.78 level.

* Among Sectors FMCG index outperformed the benchmark index as it closed with 1.13% gain while PSUBANK index underperformed the benchmark index as it closed with 5.68% cut. Broader market lagged the benchmark index as both MIDCAP and SAMLLCAP index closed with 0.96% and 1.10% cut respectively.

* Advance/Decline ratio was in favour of declines. Both FII and DII were net buyers in the cash segment

* European markets (DAX) closed higher while US markets (DJIA) closed almost flat post US FOMC rate hike decision yesterday. Asian Markets are largely trading higher today.

NIFTY (Daily) Char

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 17400 - 17300 level and resistance at 17800 – 17900 level

* Banking index is likely to trade in line with benchmark index today with support at 39800 - 39500 level and resistance at 41000 - 41300 level.

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

BANK NIFTY (Daily) Chart

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