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TECHNICAL OUTLOOK

* Benchmark index opened on a positive note and traded volatile before closing with 0.33% cut at 17076 level. Banking index performed better compared to the benchmark index as it closed with 0.41% gain at 36574 level.

* India VIX closed with 2.27% cut at 14.19 level

* Among Sectors, REALTY and PSUBANK outperformed the benchmark index as they closed with 5.57% and 0.86% gains while METAL and IT underperformed as they closed with 1.79% and 1.33% cut respectively. Broader market performed slightly better compared to the benchmark index as both MID cap and small cap index closed with 0.75% and 0.34% gains.

* Advance/Decline ratio was in favour of declines 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) and US markets (DJIA) closed with minor cut yesterday. However, Asian markets are largely trading with mild positive bias today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade rangebound with volatility on weekly expiry day with 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 36300 - 36000 level and resistance at 36800 - 37000 level

* MCDOWELL has closed above 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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