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TECHNICAL OUTLOOK

* Benchmark index closed with 0.91% gain at 17691 level. Banking index performed in line with the benchmark index as it closed with 0.95% gain at 37580 level. 

* India VIX closed with 2.73% cut at 16.74 level

* Among Sectors, METAL and MEDIA indices outperformed the benchmark index as they closed with 2.99% and 2.60% gains respectively. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.57% and 1.58% gains respectively.

* Advance/Decline ratio was in favour of advances and cash turnover was higher than 5-day average. Both FII and 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.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open gap down on the back of weak global cues and trade volatile today. Index has support at 17550 - 17450 level and resistance at 17750 - 17850 level

* Banking index is likely to trade in line with the benchmark index today with support at 37200 - 36900 level and resistance at 37800 - 38000 level

* SRF has given fresh breakout from short term consolidation and closed with bullish candlestick formation. Stock is trading above 21 EMA with above average volumes and it is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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