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TECHNICAL OUTLOOK

* Benchmark index traded on a negative note as it closed with 0.82% cut at 17530 level. Banking index outperformed the benchmark index as it closed with 0.36% gain at 37747 level

* India VIX closed with 0.60% cut at 18.16 level

* Among Sectors, BANKING index outperformed the benchmark index as it closed with 0.36% gain while REALTY and METAL index underperformed as they closed 2.76% and 2.74% cut. Broader market underperformed the benchmark index as both MIDCAP and SAMLLCAP index closed with 1.92% and 1.58% 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 lower yesterday as March US CPI jumped to 40 years high. However, Asian Markets are largely trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile on weekly expiry today. Index has support at 17400 - 17300 level and resistance at 17700 - 17800 level.

* Banking index is likely to trade in line with benchmark index today with support at 37300 - 37000 level and resistance at 38200 - 38500 level.

* ASTRAL has closed above previous swing high with bullish candlestick formation. 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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