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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias as it closed with 0.60% gain at 17325 level. Banking index lagged the benchmark index as it closed with 0.38% gain at 35847 level

* India VIX closed with 5.79% cut at 21.30 level

* Among Sectors, PHARMA and REALTY index outperformed as they closed with 1.54% and 0.98% gains while MEDIA and PSE index underperformed as they closed with 1.22% and 0.96% cut respectively. Broader market lagged the benchmark index as both MIDCAP and SMALLCAP index closed with 0.41% and 0.34% gains respectively.

* Advance/Decline ratio was in favour of advances and cash turnover was higher than 5-day average. Both FII and 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.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with positive bias today with support at 17250 - 17150 level and resistance at 17550 - 17650 level.

* Banking index is likely to trade in line with benchmark index with support at 35600 - 35400 level and resistance at 36500 - 36800 level.

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

BANK NIFTY (Daily) Chart

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