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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.83% cut at 17103 level. Banking index traded in line with the benchmark index as it closed with 0.92% cut at 36088 level  India VIX closed with 0.21% gain at 19.42 level

* Among Sectors, MEDIA and PSE index underperformed the benchmark index as they closed with 2.87% and 2.34% cut. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.84% and 1.16% 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) closed higher while US markets (DJIA) closed lower on Friday. Asian Markets are trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open lower and trade with negative bias today. Nifty has support at 16850 - 16750 level and resistance at 17150 - 17250 level.

* Banking index is likely to trade in line with the benchmark index today with support at 35500 - 35200 level and resistance at 36200 - 36500 level.

* WIPRO has given fresh breakdown below previous swing low forming bearish candlestick pattern. Stock is trading below 21 EMA and it is likely to continue its negative price action today as well.

BANK NIFTY (Daily) Chart

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