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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.17% cut at 17063 level. Banking index performed slightly better than the benchmark index as it closed with minor 0.05% gain at 37392 level  India VIX closed with 7.95% cut at 24.54 level

* Among Sectors, REALTY and PSUBANK index outperformed the benchmark index as they closed with 3.15% and 1.04% gain while AUTO index lagged as it closed with 0.21% cut. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.64% and 1.16% gains respectively.

* Advance/Decline ratio was in favour of declines 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 lower yesterday. Asian Markets are following suit and trading lower today on further escalation in Russia-Ukraine crisis.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark Index is likely to open gap-down and trade with negative bias on monthly expiry day. Index has support at 16800 - 16650 level and resistance at 17100 - 17200 level.

* Banking index is likely to trade in line with the benchmark index today with support at 36600 - 36300 level and resistance at 37500 - 37700 level.

*  GUJGASLTD has closed with bearish candlestick formation below 21 EMA. Stock is likely to continue its negative momentum today as well.

BANK NIFTY (Daily) Chart

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