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TECHNICAL OUTLOOK

* Benchmark index traded volatile on weekly expiry before closing with 0.08% gain at 16986 level. Banking index traded in line with the benchmark index as it closed with 0.21% gain at 39133 level.

* India VIX closed with 0.48% cut at 16.21 level.

* Among Sectors MEDIA and FMCG index outperformed the benchmark index as they closed with 4.16% and 1.14% gains respectively while METAL index underperformed as it closed with 2.58% cut. Broader market traded in line with the benchmark index as MIDCAP and SAMLLCAP index closed with 0.05% and 0.69% 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 higher yesterday. Asian Markets are following suit and largely trading higher today.

Intraday Market Outlook

* Benchmark index is likely to open higher following favourable global cues and trade volatile today. Index has support at 16850 - 16750 level and resistance at 17150 – 17250 level.

* Banking index is likely to trade in line with benchmark index today with support at 38800 - 38600 level and resistance at 39600 - 39900 level.

* AXISBANK has closed with bullish candlestick and it is likely to trade with positive bias today as well

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