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TECHNICAL OUTLOOK

* Benchmark index closed with 0.99% cut at 17646 level. Banking index performed slightly better than the benchmark index as it closed with 0.58% cut at 37522 level.

* India VIX closed with 5.67% gain at 17.33 level

* Among Sectors, METAL and PSUBANK indices underperformed the benchmark index as they closed with 2.98% and 1.94% cut respectively. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.91% and 0.83% cut respectively.

* Advance/Decline ratio was in favour of declines and cash turnover was higher than 5-day average. Both FII and DII were net sellers in the cash segment

* European markets (DAX) closed lower while US markets (DJIA) recovered from lows and closed near day’s high yesterday. Asian markets are trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with positive bias today on the back of favourable global cues with support at 17550 - 17450 level and resistance at 17800 - 17900 level

* Banking index is likely to trade in line with benchmark index today with support at 37300 - 37000 level and resistance at 38000 - 38200 level

* HDFCBANK is trading above 21 EMA and it is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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