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MARKET OVERVIEW

* Benchmark index traded with positive bias as it closed with 2.29% gain at 17274 level. Banking index performed better than the benchmark index as it closed with 2.84% gain at 39110 level.

* India VIX closed with 8.40% cut at 19.57 level

* Among Sectors, METAL index outperformed the benchmark index as it closed with 3.13% gain. Broader market traded in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 2.42% and 1.49% gains respectively.

* Advance/Decline ratio was in favour of advances and cash turnover was Lower than 5-day average. Both FII and DII were net buyers in the cash segment

* European markets (DAX) and US markets (DJIA) closed lower yesterday. However, Asian Markets are largely trading higher today.

Intraday Market Outlook

* Benchmark index is likely to trade with positive bias today with support at 17200 - 17100 level and resistance at 17500 - 17600 level

* Banking index is likely to trade in line with benchmark index today with support at 38800 - 38500 level and resistance at 39700 - 40000 level

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

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