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TECHNICAL OUTLOOK

* Benchmark index closed with minor 0.03% cut at 17511 level. Banking index performed in line with the benchmark index as it closed with 0.06% gain at 37106 level.

* India VIX closed with 3.25% cut at 16.06 level

* Among Sectors, PSUBANK and MEDIA indices outperformed the benchmark index as they closed with 2.62% and 2.47% gains while FMCG and PHARMA were the laggards as they closed with 0.03% and 0.02% cut respectively. Broader market outperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.80% and 0.81% gains.

* Advance/Decline ratio was in favour of declines and cash turnover was higher 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) closed near day’s high on Friday. Asian markets are trading higher today on easing of concerns over new coronavirus variant (Omicron).

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open higher and trade with positive bias today with support at 17450 – 17350 level and resistance at 17650 – 17750 level.

* Banking index is likely to trade in line with the benchmark index today with support at 36900 - 36700 level and resistance at 37600 - 37800 level

* ASTRAL has closed with bullish candlestick formation with above average volumes. Stock is trading above 21 EMA and it is likely to continue its positive momentum today as well.

BANK NIFTY (Daily) Chart

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