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TECHNICAL OUTLOOK

* Benchmark index closed with 0.60% cut at 17221 level. Banking index performed better than the benchmark index as it closed with 0.28% cut at 36790 level.

* India VIX closed with 1.59% gain at 17.22 level

* Among Sectors, AUTO index outperformed the benchmark index as it closed with 0.49% gain while REALTY and MEDIA were the laggards as they closed with 1.89% and 1.35% cut respectively. Broader market performed in line with the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.58% and 0.39% cut respectively.

* 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 higher yesterday. Asian markets are largely trading higher today as investors assess the US Fed decision to end its ultra accommodative monetary policy since beginning of the pandemic.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to witness relief rally in line with global peers today with support at 17100 - 17000 level and resistance at 17400 - 17500 level.

* Banking index is likely to trade in line with the benchmark index today with support at 36400 - 36200 level and resistance at 37300 - 37500 level

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

BANK NIFTY (Daily) Chart

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