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TECHNICAL OUTLOOK

* Benchmark index traded with negative bias as it closed with 0.68% cut at 17707 level. Banking index outperformed the benchmark index as it closed with 0.31% gain at 42262 level.

* India VIX closed with 3.0% gain at 12.26 level.

* Among Sectors PSUBANK index outperformed benchmark index as it closed with 3.13% gain while IT index underperformed as it closed with 4.71% cut. Broader market outperformed the benchmark index as both MIDCAP and SAMLLCAP index closed with 0.56% and 0.13% gains respectively.

* 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) closed lower while US markets (DJIA) closed higher yesterday. Asian Markets are trading mixed today.

Intraday Market Outlook

* Benchmark index is likely to trade rangebound today with support at 17600 - 17550 level and resistance at 17800 – 17850 level.

* Banking index is likely to trade in line with the benchmark index today with support at 41900 - 41700 level and resistance at 42600 - 42800 level.

* ITC has closed above 21EMA with bullish candlestick and it is likely to trade with positive bias today as well.

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