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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with minor 0.09% cut at 17362 level. Banking index underperformed the benchmark index as it closed with 0.34% cut at 36469 level.

* India VIX closed with 1.39% cut and closed at 14.90 level

* Among Sectors, FMCG and MNC indices outperformed the benchmark index as they closed with 0.30% and 0.20% gains while REALTY and PSUBANK underperformed as they closed with 2.33% and 1.25% cut respectively. Broader market performed in line with the benchmark index as both MID cap and small cap index closed with 0.09% and 0.65% cut.

* Advance/Decline ratio was in favour of declines and cash turnover was lower than 5 day average. Both FII and DII were net sellers in the cash segment

* European markets (DAX) and US markets (DJIA) closed lower yesterday. However, Asian markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to consolidate in a range today with support at 17250 - 17150 level and resistance at 17450 - 17550 level

* Banking index is likely to trade in line with benchmark index today with support at 36150 - 36000 level and resistance at 36800 - 37000 level

* HDFC closed above previous swing high and 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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