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TECHNICAL OUTLOOK

* Benchmark index opened on a positive note and traded higher before closing with 0.52% gain at 17324 level. Banking index traded volatile and underperformed the benchmark index as it closed with 0.19% cut at 36761 level. 

* India VIX closed with 2.11% gain and closed at 14.54 level

* Among Sectors, ENERGY and PSE indices outperformed the benchmark index as they closed with 2.29% and 1.65% gains while BANKING and FMCG underperformed as they closed with 0.19% and 0.17% cut respectively. Broader market performed in line with the benchmark index as both MID cap and small cap index closed with 0.50% and 0.41% gains.

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

* European markets (DAX) and US markets (DJIA) closed lower on Friday after disappointing US non farm payrolls data. However, Asian markets are largely trading with mild positive bias today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with mild positive bias today with support at 17250 - 17150 level and resistance at 17450 - 17550 level

* Banking index is likely to trade rangebound today with support at 36400 - 36100 level and resistance at 37000 - 37300 level

* AMBUJACEM has closed above previous swing high with Bullish candlestick formation and trading above 21 EMA. Stock is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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