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TECHNICAL OUTLOOK

* Benchmark index closed with 0.49% gain at 17086 level. Banking index performed slightly better than the benchmark index as it closed with 0.58% gain at 35058 level.

* India VIX closed with 6.01% gain at 17.12 level

* Among Sectors, PHARMA and IT index outperformed the benchmark index as they closed with 1.62% and 0.69% gains while MEDIA was the laggard as it closed with 1.06% cut. Broader market lagged the benchmark index as both MIDCAP and SMALLCAP index closed with 0.44% and 0.20% gains respectively.

* Advance/Decline ratio was in favour of advances 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 near day’s high yesterday. Asian markets are following suit and trading with positive bias today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with mild positive bias today following favourable global cues. Nifty has support at 17000 - 16900 level and resistance at 17200 - 17300 level.

* Banking index is likely to trade in line with the benchmark index today with support at 34700 - 34500 level and resistance at 35500 - 35700 level.

* ICICIBANK has closed with reversal candlestick formation. And it is likely to continue its positive momentum today as well.

BANK NIFTY (Daily) Chart

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