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TECHNICAL OUTLOOK

* Benchmark index closed with minor 0.04% gain at 18109 level. Banking index underperformed the benchmark index as it closed with 0.08% cut at 38702 level.

* India VIX closed with 1.64% gain at 15.47 level 

* Among Sectors, PHARMA and FMCG indices outperformed the benchmark index as they closed with 1.45% and 0.94% gains while METAL and PSUBANK indices closed with 1.82% and 1.43% cut respectively. Broader market traded mixed compared to the benchmark index as MIDCAP index closed with 0.32% gain while SMALLCAP index closed with 0.25% cut.

* Advance/Decline ratio (Nifty stocks) was in favour of declines and cash turnover was lower than 5-day average. Both FII and DII were net buyers in the cash segment

* European markets (DAX) closed with gains while US markets (DJIA) closed with minor cut yesterday. Asian markets are largely trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade range bound today with support at 18000 - 17900 level and resistance at 18200 - 18300 level

* Banking index is likely to trade in line with the benchmark index today with support at 38400 - 38200 level and resistance at 39000 - 39300 level

* CIPLA has closed with bullish candlestick formation above 21 EMA and it is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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