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MARKET OVERVIEW

* Benchmark index traded on a positive note before closing with 1.10% gain at 17816 level. Banking index performed slightly better than the benchmark index as it closed with 1.38% gain at 41468 level

* India VIX closed with 5.72% cut at 18.80 level

* Among Sectors, PHARMA and AUTO index outperformed the benchmark index as they closed with 3.08% and 1.66% gains. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 1.43% and 1.11% gains respectively

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

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

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 17650 - 17550 level and resistance at 17900 - 18000 level

* Banking index is likely to trade in line with the benchmark index today with support at 41000 - 40700 level and resistance at 41700 - 42000 level

* VEDL has closed with bearish candlestick formation below 21 EMA and it is likely to continue its negative momentum today as well.

BANK NIFTY (Daily) Chart

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