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TECHNICAL OUTLOOK

* Benchmark index traded on a negative note before closing with 0.94% cut at 17640 level. Banking index performed better than the benchmark index as it closed with 0.20% cut at 37557 level

* India VIX closed with 0.11% cut at 19.00 level

* Among Sectors, PHARMA and REALTY index outperformed as they closed with 0.41% and 0.03% gains while ENERGY and METAL lagged as they closed with 1.70% and 1.66% cut. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 1.02% and 0.31% cut respectively.

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

* European markets (DAX) closed lower while US markets (DJIA) recovered from lows and closed higher yesterday. Asian Markets are largely trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile in the wake of RBI MPC meeting outcome today. Index has support at 17500 - 17400 level and resistance at 17750 - 17850 level.

* Banking index is likely to trade in line with benchmark index with support at 37100 - 36800 level and resistance at 37900 - 38200 level.

* ABBOTINDIA has closed with bullish candlestick formation above 21 EMA and it is likely to continue its positive momentum today as well

BANK NIFTY (Daily) Chart

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