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TECHNICAL OUTLOOK

* Benchmark index closed with 0.82% cut at 17368 level. Banking index performed better than the benchmark index as it closed with 0.49% cut at 36925 level.

* India VIX closed with 3.18% gain at 16.57 level

* Among Sectors, IT index outperformed the benchmark index as it closed with 0.31% gain while MEDIA and REALTY were the laggards as they closed with 1.81% and 1.35% cut respectively. Broader market performed better compared to the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.25% and 0.11% cut respectively.

* Advance/Decline ratio was in favour of declines 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) gave up gains and closed near day’s low while US markets (DJIA) closed lower yesterday. Asian markets are trading lower today amid renewed concerns over the new coronavirus variant (Omicron).

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open lower and trade volatile today with support at 17200 - 17100 level and resistance at 17450 - 17550 level.

* Banking index is likely to trade in line with the benchmark index today with support at 36400 - 36200 level and resistance at 37100 - 37300 level

* SYNGENE has given fresh breakout from the consolidation with above average volumes and closed with bullish candlestick formation. 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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