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TECHNICAL OUTLOOK

* Benchmark index traded on a positive note as it closed with 3.03% gain at 17352 level. Banking index performed better than the benchmark index as it closed with 3.42% gain at 38170 level

* India VIX closed with 10.31% cut at 20.61 level

* Among Sectors, AUTO and PSUBANK index outperformed as they closed with 4.01% and 3.99% gain. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 2.86% and 2.51% gains respectively.

* Advance/Decline ratio was in favour of advances 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) and US markets (DJIA) closed higher yesterday. Asian Markets are following suit and trading higher today.

Intraday Market Outlook

* Benchmark Index is likely to remain volatile and trade in a broad range. Index has support at 17150 - 17050 level and resistance at 17500 - 17600 level.

* Banking index is likely to trade in line with the benchmark index today with support at 37700 - 37400 level and resistance at 38600 - 38800 level.

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

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