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TECHNICAL OUTLOOK

* Benchmark index closed with minor 0.13% cut at 18044 level. Banking index traded in line with the benchmark index as it closed with 0.18% cut at 39369 level.

* India VIX closed with 2.08% cut at 16.00 level

* Among Sectors, AUTO and PSUBANK indices outperformed the benchmark index as they closed with 1.03% and 0.80% gain while FMCG and METAL indices closed with 0.33% cut each. Broader market outperformed the benchmark index as MIDCAP and SMALLCAP index closed with 1.16% and 0.49% gains respectively.

* Advance/Decline ratio was similar 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) closed flat while US markets (DJIA) closed with losses yesterday. Asian markets are largely trading negative today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile with mild negative bias today; Nifty has support at 17850 - 17750 level and resistance at 18100 - 18200 level

* Banking index is likely to trade in line with the benchmark index today with support at 38900 - 38700 level and resistance at 39600 - 39800 level

* M&M has closed with bullish candlestick formation above 21 EMA and it is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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