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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.83% cut at 17808 level. Banking index underperformed the benchmark index as it closed with 1.14% cut at 37633 level

* India VIX closed with 2.87% gain at 19.02 level

* Among Sectors, PSUBANK and PSE index outperformed as they closed with 1.99% and 1.63% gains while IT and BANKING lagged as they closed with 1.63% and 1.14% cut. Broader market performed better than the benchmark index as both MIDCAP and SMALLCAP index closed with 0.59% and 0.12% gains 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 lower yesterday. Asian Markets are following suit and trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open lower and trade volatile on weekly expiry day. Index has support at 17700 - 17600 level and resistance at 17900 - 18000 level.

* Banking index is likely to trade in line with benchmark index with support at 37300 - 37000 level and resistance at 37900 - 38200 level.

* IOC 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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