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TECHNICAL OUTLOOK

* Benchmark index opened on a negative note and traded volatile before closing with 1.07% cut at 17397 level. Banking index underperformed the benchmark index as it closed with 1.76% cut at 37146 level.

* India VIX closed with 14.84% gain at 17.49 level

* Among Sectors, FMCG outperformed the benchmark index as it closed with 0.91% gain while METAL and PSUBANK underperformed as they closed with 6.60% and 4.18% cut respectively. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 2.16% and 1.73% cut respectively.

* Advance/Decline ratio was in favour of declines and cash turnover was lower than 5-day average. FII were net buyers while DII were net sellers in the cash segment

* European markets (DAX) and US markets (DJIA) closed lower yesterday. However, Asian markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 17250 - 17150 level and resistance at 17500 - 17600 level

* Banking index is likely to trade in line with benchmark index today with support at 36800 - 36500 level and resistance at 37500 - 37800 level

* HINDUNILVR is trading above 21 EMA and it is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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