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MARKET OVERVIEW

* Benchmark index traded volatile before closing with 0.64% cut at 17014.35 level. Banking index underperformed the benchmark index as it closed with 1.26% cut at 38624.00 level.

* India VIX closed with 0.57% gain at 20.29 level.

* Among Sectors, MEDIA index outperformed the benchmark index as it closed with 0.27% gain while PSU BANK and FIN SERVICES index underperformed the benchmark index as they closed with 1.58% and 1.22% cut respectively. Broader market traded in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.73% and 0.45% cut respectively.

* Advance/Decline ratio was in favour of declines 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) 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 positive bias today. Index has support at 17000 - 16900 level and resistance at 17350 - 17450 level

* Banking index is likely to trade in line with benchmark index today with support at 38600 - 38400 level and resistance at 39500 - 39800 level

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

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