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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias before closing with 0.70% gain at 17107 level. Banking index outperformed the benchmark index as it closed with 1.35% gain at 39895 level.

* India VIX closed with 5.78% cut at 15.08 level.

* Among Sectors FINSERVICE and MEDIA index outperformed the benchmark index as they closed with 1.46% and 1.23% gains respectively while IT index underperformed as it closed with 0.98% cut. Broader market traded in line with the benchmark index as both MIDCAP and SAMLLCAP index closed with 0.66% and 0.50% gains respectively.

* Advance/Decline ratio was in favour of advances and cash turnover was lower 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 following suit and largely trading higher today.

Intraday Market Outlook

* Benchmark index is likely to open higher on favourable global cues and trade with mild positive bias today. Index has support at 17000 - 16950 level and resistance at 17250 – 17300 level.

* Banking index is likely to trade in line with the benchmark index today with support at 39600 - 39400 level and resistance at 40300 - 40500 level.

* AXISBANK has closed above 21EMA with bullish candlestick and it is likely to trade with positive bias today as well.

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