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TECHNICAL OUTLOOK

* Benchmark index closed with 1.00% cut at 17746 level. Banking index performed better than the benchmark index as it closed with 0.55% cut at 37490 level

* India VIX closed with 4.35% gain at 17.98 level

* Among Sectors, MEDIA and AUTO indices outperformed the benchmark index as they closed with 0.91% and 0.53% gains while IT and REALTY index underperformed as they closed with 1.55% and 1.47% cut respectively. Broader market performed better than the benchmark index as both MIDCAP and SMALLCAP index closed 0.13% and 0.21% 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 trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade range bound today with support at 17600 - 17500 level and resistance at 17900 - 18000 level.

* Banking index is likely to trade in line with benchmark index today with support at 37100 - 36900 level and resistance at 37900- 38100 level.

* GAIL has closed with bullish candlestick formation with above average volumes. It is likely to continue its positive momentum today as well.

BANK NIFTY (Daily) Chart

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