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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with minor 0.05% cut at 17354 level. Banking index outperformed the benchmark index as it closed with 0.82% gain at 36768 level.

* India VIX closed with 3.29% cut and closed at 14.41 level

* Among Sectors, BANKING and PSUBANK indices outperformed the benchmark index as they closed with 0.82% and 0.71% gains while IT and MEDIA underperformed as they closed with 0.78% and 0.64% cut respectively. Broader market performed better compared to the benchmark index as both MID cap and small cap index closed with 0.52% and 0.65% gain.

* Advance/Decline ratio was in favour of advances 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 trading largely lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile on weekly expiry today with support at 17200 - 17100 level and resistance at 17450 - 17550 level

* Banking index is likely to trade with mild positive bias today with support at 36400 - 36200 level and resistance at 37150 - 37400 level

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

BANK NIFTY (Daily) Chart

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