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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.40% cut at 17207 level. Banking index slightly outperformed the benchmark index as it closed with 0.23% gain at 37686 level

* India VIX closed with 3.29% gain at 22.90 level

* Among Sectors, BANKING index performed better as it closed with 0.23% gain while MEDIA and METAL index underperformed as they closed with 2.71% and 2.07% cut respectively. Broader market continue to underperform the benchmark index as both MIDCAP and SMALLCAP index closed with 1.24% and 2.73% cut 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) closed lower while US markets (DJIA) were shut due to holiday yesterday. Asian Markets are following suit and trading lower today as tensions escalate between Russia & Ukraine.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark Index is likely to open gap down and trade with negative bias today following weak global cues. Index has support at 16900 - 16800 level and resistance at 17300 - 17400 level.

* Banking index is likely to trade in line with the benchmark index today with support at 37000 - 36600 level and resistance at 37800 - 38000 level.

* UPL has closed with bearish candlestick formation. Stock is likely to continue its negative momentum today as well.

BANK NIFTY (Daily) Chart

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