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TECHNICAL OUTLOOK

* Benchmark index closed with 0.25% cut at 17325 level. Banking index performed better than the benchmark index as it closed with 0.08% cut at 36894 level.

* India VIX closed with 2.29% gain at 16.95 level

* Among Sectors, MEDIA and PHARMA index outperformed the benchmark index as they closed with 1.56% and 1.06% gains while PSUBANK and AUTO were the laggards as they closed with 0.70% and 0.68% cut respectively. Broader market traded mixed as MIDCAP index closed with 0.19% cut while SMALLCAP index closed with 0.22% gain.

* Advance/Decline ratio was in favour of advances 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 lower yesterday ahead of Fed policy outcome on Wednesday. However, Asian markets are trading mixed today

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade rangebound albeit with elevated volatility today with support at 17150 - 17050 level and resistance at 17500 - 17600 level.

* Banking index is likely to trade in line with the benchmark index today with support at 36400 - 36200 level and resistance at 37400 - 37600 level

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

BANK NIFTY (Daily) Chart

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