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TECHNICAL OUTLOOK

* Benchmark index traded rangebound before closing with 0.07% gain at 17662 level. Banking index performed better than the benchmark index as it closed with 0.66% gain at 40655 level.

* India VIX closed with 4.71% cut at 16.87 level.

* Among Sectors PSUBANK index outperformed the benchmark index as it closed with 4.28% gain while IT index underperformed the benchmark index as it closed with 1.18% cut. Broader market outperformed the benchmark index as both MIDCAP and SAMLLCAP index closed with 1.47% and 2.21% gains 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) and US markets (DJIA) closed higher yesterday. Asian Markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 17400 - 17300 level and resistance at 18000 – 18200 level

* Banking index is likely to trade in line with benchmark index today with support at 39800 - 39400 level and resistance at 41600 - 42000 level.

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

BANK NIFTY (Daily) Chart

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