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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.42% cut at 16972 level. Banking index underperformed the benchmark index as it closed with 0.91% cut at 39052 level.

* India VIX closed with 0.48% gain at 16.29 level.

* Among Sectors METAL and PSE index outperformed the benchmark index as they closed with 1.80% and 0.39% gains respectively while MEDIA index underperformed as it closed with 1.22% cut. Broader market performed slightly better than the benchmark index as MIDCAP index closed with 0.02% cut while SAMLLCAP index closed with 0.10% gain.

* Advance/Decline ratio was in favour of declines and cash turnover was lower 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. Asian Markets are largely trading lower today.

Intraday Market Outlook

* Benchmark index is likely to trade volatile with support at 16800 - 16700 level and resistance at 17150 – 17250 level.

* Banking index is likely to trade in line with benchmark index today with support at 38500 - 38200 level and resistance at 39500 - 39800 level.

* POWERGRID has closed above 21EMA with bullish candlestick and it is likely to trade with positive bias today as well.

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