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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with minor 0.16% gain at 17605 level. Banking index outperformed the benchmark index as it closed with 0.88% gain at 39039 level ? India VIX closed with 3.25% cut at 18.43 level

* Among Sectors, REALTY and MEDIA index outperformed the benchmark index as they closed with 1.81% and 1.74% gain while IT and PHARMA index underperformed as they closed with 0.34% and 0.31% cut. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.74% and 0.82% gains respectively

* Advance/Decline ratio was in favour of advances and cash turnover was lower than 5-day average. FII were net buyers while DII were net sellers in the cash segment

* European markets (DAX) and US markets (DJIA) closed higher yesterday. Asian Markets are largely trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open higher and trade volatile on monthly expiry day. Index has support at 17500 - 17400 level and resistance at 17750 - 17800 level

* Banking index is likely to trade in line with the benchmark index today with support at 38700 - 38500 level and resistance at 39400 - 39700 level

* ICICIBANK has closed with bullish candlestick formation above 21 EMA and it is likely to continue its positive momentum today as well.

BANK NIFTY (Daily) Chart

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