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TECHNICAL OUTLOOK

* Benchmark index closed with 0.70% gain at 17536 level. Banking index underperformed the benchmark index as it closed with 0.21% cut at 37365 level.

* India VIX closed with 2.57% cut at 16.66 level

* Among Sectors, ENERGY and REALTY index outperformed the benchmark index as they closed with 2.40% and 1.95% gains while AUTO and PSUBANK index lagged as it closed with 0.54% and 0.53% cut respectively. Broader market traded in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.60% and 0.77% gains respectively. =

* Advance/Decline ratio (Nifty stocks) was similar at 1:1 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) were shut yesterday. Asian markets are trading with sharp cuts today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open gap down following weak global cues and trade with negative bias today. Index has support at 17300 - 17200 level and resistance at 17600 - 17700 level.

* Banking index is likely to trade in line with benchmark index today with support at 36700 - 36400 level and resistance at 37500 - 37700 level

* BAJAJ-AUTO has closed with bearish candlestick formation and trading below 21 EMA and it is likely to continue its downside momentum today as well.

BANK NIFTY (Daily) Chart

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