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MARKET OVERVIEW

* Benchmark index traded on a negative note before closing with 1.80% cut at 17016 level. Banking index underperformed the benchmark index as it closed with 2.35% cut at 38616 level

* India VIX closed with 6.31% gain at 21.89 level

* Among Sectors, IT index outperformed the benchmark index as it closed with 0.57% gain while REALTY and METAL index were the laggards as they closed with 4.25% and 4.13% cut. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 3.11% and 3.41% cut 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. However, Asian Markets are trading mixed today.

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 16900 - 16800 level and resistance at 17150 - 17250 level ? Banking index is likely to trade in line with the benchmark index today with support at 38300 - 38000 level and resistance at 39000 - 39300 level ? MARUTI has closed with bearish candlestick formation below 21 EMA and it is likely to continue its negative price action today as well.

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