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TECHNICAL OUTLOOK

* Benchmark index opened on a positive note and traded higher before closing with 0.63% gain at 17630 level. Banking index outperformed the benchmark index as it closed with 2.22% gain at 37669 level.

* India VIX closed with 4.95% gain and closed at 14.41 level

* Among Sectors, PSUBANK and BANKING indices outperformed the benchmark index as they closed with 5.43% and 2.22% gains while MEDIA and METAL underperformed as they closed with 1.71% and 0.62% cut respectively. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with minor 0.36% and 0.20% gains respectively.

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

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

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with positive bias today with support at 17550 - 17500 level and resistance at 17750 - 17800 level

* Banking index is likely to trade in line with the benchmark index today with support at 37400 - 37150 level and resistance at 38100 - 38300 level

* ICICIBANK has closed above 21 EMA and it is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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