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TECHNICAL OUTLOOK

* Benchmark index traded on positive note and closed with 1.39% gain at 17340 level. Banking index lagged the benchmark index as it closed with 0.76% gain at 37975 level

* India VIX closed with 6.04% gain at 21.95 level

* Among Sectors, REALTY and PSUBANK index outperformed as they closed with 3.14% and 2.94% gains. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 1.57% and 1.13% gains respectively.

* Advance/Decline ratio was in favour of advances 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. Asian Markets are trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open higher on the back of favourable global cues but trade volatile during the day of Union Budget. Index has support at 17000 - 16800 level and resistance at 17600 - 17800 level.

* Banking index is likely to trade in line with the benchmark index today with support at 37200 - 36800 level and resistance at 38800 – 39200 level.

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

BANK NIFTY (Daily) Chart

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