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TECHNICAL OUTLOOK

* Benchmark index closed on a positive note with 0.71% gain at 17659 level. Banking index outperformed the benchmark index as it closed with 1.55% gain at 38880 level

* India VIX closed with 6.28% cut at 18.36 level

* Among Sectors, PSUBANK and IT index outperformed the benchmark index as they closed with 2.38% and 1.79% gains while MEDIA and FMCG index were the laggards as they closed with 0.97% and 0.80% cut respectively. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.87% gains each

* 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) closed nearly flat while US markets (DJIA) closed with marginal gain yesterday. Asian Markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade range bound today with support at 17550 - 17450 level and resistance at 17750 - 17850 level

* Banking index is likely to trade in line with the benchmark index today with support at 38600 - 38300 level and resistance at 39200 - 39500 level

* HDFC 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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