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TECHNICAL OUTLOOK

* Benchmark index traded on a positive note as it closed with 1.18% gain at 17670 level. Banking index outperformed the benchmark index as it closed with 2.13% gain at 37149 level

* India VIX closed with 10.31% cut at 18.44 level

* Among Sectors, PSUBANK and PSE index outperformed as they closed with 3.99% and 3.26% gains while PHARMA index underperformed as it closed with 0.03% cut. Broader market performed better than the benchmark index as both MIDCAP and SMALLCAP index closed with 1.49% and 1.68% gains respectively.

* Advance/Decline ratio was in favour of advances and cash turnover was lower 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 higher on Friday. Asian Markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with mild positive bias today with support at 17600 - 17500 level and resistance at 17800 - 17900 level.

* Banking index is likely to trade in line with benchmark index with support at 36800 - 36600 level and resistance at 37600 - 37800 level.

* HDFCAMC 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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