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TECHNICAL OUTLOOK

* Benchmark index traded on a positive note before closing with 0.72% gain at 17825 level. Banking index slightly underperformed the benchmark index as it closed with 0.51% gain at 39240 level

* India VIX closed with 0.45% gain at 17.69 level

* Among Sectors, AUTO and REALTY index outperformed the benchmark index as they closed with 2.52% and 1.97% gains while PSUBANK and MEDIA index were the laggards as they closed with 0.37% and 0.30% cut respectively. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.45% and 0.95% gain

* Advance/Decline ratio was in favour of advances and cash turnover was higher 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 with gains yesterday. Asian Markets are largely trading higher today.
 

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade rangebound today with support at 17700 - 17600 level and resistance at 17950 - 18000 level

* Banking index is likely to trade in line with the benchmark index today with support at 39000 - 38700 level and resistance at 39500 - 39800 level

* DLF 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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