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TECHNICAL OUTLOOK

* Benchmark index traded on a positive note as it closed with 1.49% gain at 17393 level. Banking index performed in line with the benchmark index as it closed with 1.38% gain at 36816 level

* India VIX closed with 4.39% cut at 17.85 level

* Among Sectors, AUTO index outperformed the benchmark index as it closed with 2.23% gain while MEDIA index underperformed as it closed with 0.12% cut. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 1.07% and 1.55% gains

* Advance/Decline ratio was in favour of advances 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) closed higher while US markets (DJIA) gave up gains and closed lower yesterday after US Fed chairman commentary. Asian Markets are following suit and trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open gap down and trade volatile today with support at 17200 - 17100 level and resistance at 17500 - 17600 level.

* Banking index is likely to trade in line with benchmark index today with support at 36300 - 36000 level and resistance at 37000 - 37300 level.

* HINDALCO has closed with bearish candlestick formation and it is likely to continue its negative momentum today as well.

BANK NIFTY (Daily) Chart

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