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TECHNICAL OUTLOOK

* Benchmark index traded volatile and closed with 0.21% cut at 17711 level. Banking index lagged the benchmark index as it closed with 0.53% cut at 37743 level.

* India VIX closed with 1.62% gain at 18.84 level

* Among Sectors, PSE and PSUBANK indices outperformed the benchmark index as they closed with 2.94% and 2.72% gains while BANKING and FMCG indices underperformed as they closed with 0.53% and 0.52% cut. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.08% and 0.41% gain 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 with gains yesterday. However, Asian markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile on monthly expiry day with support at 17550 - 17450 level and resistance at 17800 - 17900 level

* Banking index is likely to trade in line with the benchmark index today with support at 37300 - 37000 level and resistance at 38000 - 38300 level

* IEX has given fresh breakout from consolidation and closed with bullish candlestick formation. Stock is trading above 21 EMA and it is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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