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TECHNICAL OUTLOOK

* Benchmark index closed with 1.37% gain at 17402 level. Banking index underperformed the benchmark index as it closed with 0.39% gain at 36508 level.

* India VIX closed with 6.99% cut at 18.09 level

* Among Sectors, IT and MNC index outperformed the benchmark index as they closed with 2.06% and 0.75% gains. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 1.14% and 0.61% 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) closed with 1.3% cut while US markets (DJIA) closed with 1.8% gain yesterday. Asian markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Index is likely to face resistance around 17500-17600 zone after two days of successive gains amid uncertainty about the new coronovirus strain and it's possible economic fallout. On the downside, Index has support at 17300 - 17200 level.

* Banking index is likely to trade volatile today with support at 36100 - 35900 level and resistance at 36800 - 37000 level

* HINDUNILVR has closed with bullish candlestick formation with volume support And it is likely to continue its upside momentum today as well.

BANK NIFTY (Daily) Chart

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