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TECHNICAL OUTLOOK

* Benchmark index closed with 0.27% gain at 17517 level. Banking index underperformed the benchmark index as it closed with 0.54% cut at 37082 level.

* India VIX closed with 3.88% cut at 16.60 level

* Among Sectors, MEDIA and FMCG indices outperformed the benchmark index as they closed with 3.57% and 1.44% gains while BANKING and REALTY were the laggards as they closed with 0.54% and 0.28% cut respectively. Broader market outperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.60% and 1.24% gains.

* 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 lower while US markets (DJIA) closed flat yesterday. Asian markets are trading lower today as investors await key inflation data in US later today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is trading near critical resistance area and it is likely to continue its consolidation today with support at 17400 – 17300 level and resistance at 17600 – 17650 level.

* Banking index is likely to trade in line with the benchmark index today with support at 36700 - 36500 level and resistance at 37400 - 37600 level

* LT has closed with bullish candlestick formation with 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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