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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.53% cut at 17618 level. Banking index lagged the benchmark index as it closed with 0.84% cut at 37425 level.

* India VIX closed with 2.34% cut at 18.40 level

* Among Sectors, REALTY and PSUBANK indices outperformed the benchmark index as they closed with 1.47% and 0.80% gains while MEDIA and METAL indices underperformed as they closed with 0.91% and 0.88% cut. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.36% and 0.75% gains 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 lower 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 following weak Global cues today with support at 17400 - 17300 level and resistance at 17650 - 17750 level

* Banking index is likely to trade in line with the benchmark index today with support at 36800 - 36500 level and resistance at 37500 - 37700 level

* MCDOWELL-N has closed with bullish candlestick formation above 21 EMA and it is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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