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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.67% cut at 17092 level. Banking index lagged the benchmark index as it closed with 0.83% cut at 37382 level

* India VIX closed with 16.42% gain at 26.66 level

* Among Sectors, MEDIA and REALTY index underperformed as they closed with 3.30% and 2.91% cut. Broader market continues to underperform the benchmark index as both MIDCAP and SMALLCAP index closed with 1.02% and 2.05% cut 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 lower yesterday. Asian Markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark Index may witness mild recovery today after consecutive fall in last five trading sessions. Index has support at 16950 - 16850 level and resistance at 17250 - 17350 level.

* Banking index is likely to trade in line with the benchmark index today with support at 37000 - 36800 level and resistance at 37900 - 38200 level.

* APOLLOHOSP has closed with bullish candlestick formation above 21 EMA. Stock is likely to continue its positive momentum today as well.

BANK NIFTY (Daily) Chart

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