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TECHNICAL OUTLOOK

* Benchmark index traded on a positive note before closing with 0.73% gain at 17525 level. Banking index outperformed the benchmark index as it closed with 0.84% gain at 38237 level 

* India VIX closed with 2.01% gain at 19.30 level

* Among Sectors, METAL and ENERGY index outperformed the benchmark index as they closed with 1.29% and 1.17% gains while PSUBANK and IT index were the laggards as they closed with 0.45% and 0.02% cut respectively. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.36% and 0.34% gain respectively

* Advance/Decline ratio was in favour of advances and cash turnover was lower than 5-day average. FII were net buyers while DII were net sellers in the cash segment

* European markets (DAX) and US markets (DJIA) closed lower yesterday. Asian Markets are largely trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 17400 - 17300 level and resistance at 17600 - 17700 level

* Banking index is likely to trade in line with the benchmark index today with support at 37900 - 37600 level and resistance at 38600 - 38900 level

* LT 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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