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TECHNICAL OUTLOOK

* Benchmark index closed with 1.65% cut at 16912 level. Banking index performed slightly better than the benchmark index as it closed with 1.27% cut at 35736 level.

* India VIX closed with 8.78% gain at 20.08 level

* Among Sectors, IT and PHARMA index underperformed the benchmark index as they closed with 2.70% and 1.87% cut respectively. Broader market performed better than the benchmark index as both MIDCAP index and SMALLCAP index closed with 1.42% and 1.09% cut respectively.

* Advance/Decline ratio was in favour of declines and cash turnover was lower 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, aided by the positive comments from White House Chief Medical Advisor Dr. Anthony Fauci on the new omicron variant. Asian markets are largely trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Supported by favourable global cues, Nifty may stage a comeback today after two days of successive deep losses. Benchmark Index has support at 16800 - 16700 and resistance at 17150 - 17250 level.

* Banking index is likely to trade in line with the benchmark index today with support at 35500 - 35200 level and resistance at 36300 - 36500 level

* HINDALCO has reached near strong support area on daily chart and is likely to bounce back today following favourable global cues.

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