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MARKET OVERVIEW

* Benchmark index traded with positive bias as it closed with 1.01% gain at 17486.95 level. Banking index traded in line with the benchmark index as it closed with 1.00% gain at 40318.75 level.

* India VIX closed with 5.24% cut at 17.45 level.

* Among Sectors, PSU BANK index outperformed the benchmark index as it closed with 3.97% gain while PHARMA and FIN SERVICES index underperformed the benchmark index as they closed with 0.2% and 0.63% gains respectively. Broader market traded in line with benchmark index as both MIDCAP and SMALLCAP index closed with 1.06% and 0.71% gains respectively.

* Advance/Decline ratio was in favour of advances 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. However, Asian Markets are trading mixed today.

Intraday Market Outlook

* Benchmark index is likely trade range bound today with support at 17400 - 17300 level and resistance at 17600 - 17700 level

* Banking index is likely to trade in line with benchmark index today with support at 40000 - 39800 level and resistance at 40700 - 40900 level

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

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