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TECHNICAL OUTLOOK

* Benchmark index traded volatile and closed with 0.60% cut at 17749 level. Banking index traded in line with the benchmark index as it closed with 0.59% cut at 37945 level.

* India VIX closed with 2.71% gain at 18.54 level

* Among Sectors, PSE and ENERGY indices outperformed the benchmark index as they closed with 3.09% and 2.01% gains while REALTY and IT underperformed as they closed with 3.02% and 2.20% cut. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.67% and 0.54% cut respectively.

* Advance/Decline ratio was in favour of declines and cash turnover was lower 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 sharp cuts yesterday. Asian markets are following suit and trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with negative bias today following weak global cues 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 37500 - 37200 level and resistance at 38200 - 38400 level

* HDFCAMC has closed with bearish candlestick formation. Stock is trading below 21 EMA and it is likely to continue its downside momentum today as well

BANK NIFTY (Daily) Chart

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