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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.31% cut at 17476 level. Banking index underperformed the benchmark index as it closed with 0.75% cut at 37463 level

* India VIX closed with 2.04% cut at 17.79 level

* Among Sectors, FMCG and METAL index outperformed the benchmark index as they closed with 0.69% and 0.57% gains while AUTO and MEDIA index underperformed as they closed 0.84% and 0.77% cut respectively. Broader market traded mixed as MIDCAP index closed with minor 0.03% cut and SMALLCAP index closed with 0.19% gain.

* 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 higher while US markets (DJIA) closed lower on Thursday. Asian Markets are largely trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open gap down and trade with negative bias today. Index has support at 17200 - 17100 level and resistance at 17500 - 17600 level.

* Banking index is likely to trade in line with benchmark index today with support at 36700 - 36400 level and resistance at 37500 – 37800 level.

* MARUTI has closed lower with bearish candlestick formation. Stock is trading below 21 EMA and it is likely to continue its negative momentum today as well.

BANK NIFTY (Daily) Chart

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