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TECHNICAL OUTLOOK

* Benchmark index traded rangebound on expiry day before closing with 0.03% cut at 17610 level. Banking index performed slightly better than benchmark index as it closed with 0.39% gain at 40669 level.

* India VIX closed with 6.24% cut at 15.73 level.

* Among Sectors FMCG index outperformed the benchmark index as it closed with 2.28% gain while METAL index underperformed the benchmark index as it closed with 4.35% cut. Broader market performed slightly better than the benchmark index as both MIDCAP and SAMLLCAP index closed with 0.21% and 0.36% gain 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) closed higher while US markets (DJIA) closed with minor cut yesterday. Asian Markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 17450 - 17350 level and resistance at 17800 – 17900 level

* Banking index is likely to trade in line with benchmark index today with support at 40200 - 39900 level and resistance at 41100 - 41400 level.

* ICICIBANK has closed with bullish candlestick and it is likely to continue its positive momentum today as well.

BANK NIFTY (Daily) Chart

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