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MARKET OVERVIEW

* Benchmark index traded volatile before closing with 1.49% cut at 16984 level. Banking index performed better than the benchmark index as it closed with 0.97% cut at 38712 level

* India VIX closed with 4.42% gain at 20.49 level

* Among Sectors, FIN SERVICES index outperformed the benchmark index as it closed with 0.97% cut while REALITY and METAL index underperformed the benchmark index as they closed with 3.07% and 2.20% cut respectively. Broader market lagged the benchmark index as both MIDCAP and SMALLCAP index closed with 1.61% cut and 1.47% 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 lower while US markets (DJIA) closed higher yesterday. Asian Markets are largely trading lower today.

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 16800 - 16700 level and resistance at 17100 - 17200 level

* Banking index is likely to trade in line with benchmark index today with support at 38300 - 38000 level and resistance at 39000 - 39300 level

* BIOCON has closed below 21EMA with bearish candlestick formation and is likely to continue its negative momentum today as well.

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