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TECHNICAL OUTLOOK

* Benchmark index traded volatile today before closing with 0.65% cut at 17043 level. Banking index performed better than the benchmark index as it closed with 0.39% cut at 39411 level.

* India VIX closed with 0.02% gain at 16.21 level.

* Among Sectors MEDIA and PHARMA index outperformed the benchmark index as they closed with 0.16% and 0.01% gains respectively while PSUBANK index underperformed as it closed with 1.90% cut. Broader market traded in line with the benchmark index as both MIDCAP and SAMLLCAP index closed with 0.46% and 0.84% cut respectively.

* 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) and US markets (DJIA) closed higher yesterday. Asian Markets are following suit and trading higher today

Intraday Market Outlook

* Benchmark index is likely to open higher following favourable global cues and trade with mild positive bias today. Index has support at 16950 - 16850 level and resistance at 17250 – 17350 level.

* Banking index is likely to trade in line with benchmark index today with support at 39200 - 39000 level and resistance at 40000 - 40300 level.

* ICICIBANK has bounced back from strong support levels and is likely to continue its recovery.

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