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TECHNICAL OUTLOOK

* Benchmark index closed with minor 0.16% gain at 17248 level. Banking index underperformed the benchmark index as it closed with 0.65% cut at 36549 level.

* India VIX closed with 7.67% cut at 15.90 level

* Among Sectors, IT index outperformed the benchmark index as it closed with 1.18% gain while MEDIA and PSUBANK were the laggards as they closed with 1.77% and 0.95% cut respectively. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.69% and 0.83% cut 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) closed higher while US markets (DJIA) gave up gains and closed lower yesterday. Asian markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 17100 - 17000 level and resistance at 17400 - 17500 level.

* Banking index is likely to trade in line with the benchmark index today with support at 36100 - 35900 level and resistance at 36900 - 37200 level

* INFY closed with bullish candlestick formation accompanied by above average volumes. Stock is trading above 21 EMA and it is likely to continue its positive momentum today as well.

BANK NIFTY (Daily) Chart

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