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TECHNICAL OUTLOOK

* Benchmark index traded with negative bias as it closed with 1.61% cut at 17604 level. Banking index underperformed benchmark index as it closed with 3.13% cut at 40345 level.

* India VIX closed with 18.18% gain at 17.32 level.

* Among Sectors AUTO index outperformed the benchmark index as it closed with 1.02% gain while PSUBANK index underperformed the benchmark index as it closed with 5.43% cut. Broader market traded in line with the benchmark index as both MIDCAP and SAMLLCAP index closed with 1.29% and 1.89% 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 on Friday. Asian Markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 17450 - 17350 level and resistance at 17800 – 17900 level

* Banking index is likely to trade in line with benchmark index today with support at 39900 - 39600 level and resistance at 41100 - 41500 level.

* ITC has closed above 21day EMA with bullish candlestick and it is likely to continue its positive momentum today as well.

BANK NIFTY (Daily) Chart

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