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TECHNICAL OUTLOOK

* Benchmark index traded with negative bias before closing with 0.94% cut at 17038 level. Banking index lagged the benchmark index as it closed with 1.03% cut at 36029 level

* India VIX closed with 7.40% gain at 20.61 level

* Among Sectors, MEDIA index outperformed the benchmark index as it closed with minor 0.07% gain while ENERGY and PSE index were the laggards as they closed with 1.30% and 1.22% cut respectively. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.86% and 0.61% 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 largely trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile on monthly expiry day with support at 16900 - 16800 level and resistance at 17200 - 17300 level.

* Banking index is likely to trade in line with the benchmark index today with support at 35600 - 35300 level and resistance at 36400 - 36700 level.

* APOLLOTYRE has closed with bullish candlestick formation above 21 EMA and it is likely to continue its positive price action today as well.

BANK NIFTY (Daily) Chart

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