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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with minor 0.09% gain at 17398 level. Banking index outperformed the benchmark index as it closed with 0.44% gain at 37921 level

* India VIX closed with 1.77% cut at 18.92 level

* Among Sectors, IT and BANKING index outperformed the benchmark index as they closed with 0.64% and 0.44% gains while ENERGY and AUTO index were the laggards as they closed with 1.44% and 1.09% cut respectively. Broader market traded mixed as MIDCAP index closed with 0.22% gain while SMALLCAP index closed with 0.06% cut

* Advance/Decline ratio was in favour of advances 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) closed lower while US markets (DJIA) closed marginally higher on Friday. Asian Markets are largely trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 17300 - 17200 level and resistance at 17500 - 17600 level

* Banking index is likely to trade in line with the benchmark index today with support at 37600 - 37300 level and resistance at 38200 - 38500 level

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

BANK NIFTY (Daily) Chart

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