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TECHNICAL OUTLOOK

* Benchmark index closed with 0.26% gain at 17992 level. Banking index outperformed the benchmark index as it closed with 0.59% gain at 38522 level.

* India VIX closed with 1.49% cut at 15.85 level

* Among Sectors, PSUBANK and MEDIA indices outperformed the benchmark index as they closed with 3.08% and 1.47% gains while IT underperformed as it closed with 0.88% cut. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.55% and 0.80% gains respectively.

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

* European markets (DAX) and US markets (DJIA) closed lower yesterday. However, Asian markets are largely trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with mild positive bias today with support at 17900 - 17800 level and resistance at 18150 - 18200 level

* Banking index is likely to trade with positive bias today with support at 38300 - 38000 level and resistance at 39000 - 39300 level

* SBIN closed with bullish candlestick formation with above average volumes. Stock is trading above 21 EMA and it is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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