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TECHNICAL OUTLOOK

* Benchmark index closed with 1.18% cut at 17197 level. Banking index performed slightly better than the benchmark index as it closed with 0.85% cut at 36197 level.

* India VIX closed with 2.05% cut at 18.46 level

* Among Sectors, MEDIA index outperformed the benchmark index as it closed with 1.73% gain while FMCG and INFRA performed in line as they closed with 1.04% and 1.02% cut respectively. Broader market traded mixed compared to the benchmark index as MIDCAP index closed with 0.01% minor cut while SMALLCAP index closed with 0.82% gain.

* Advance/Decline ratio was in favour of declines 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 lower on Friday. Asian markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Index is likely to trade rangebound today with support at 17050-16950 and resistance at 17350 - 17450 level.

* Banking index is likely to trade in line with the benchmark index today with support at 35800 - 35600 level and resistance at 36600 - 36800 level

* IGL has closed with bullish candlestick formation above 21 EMA. Stock is likely to continue its upside momentum today as well.

BANK NIFTY (Daily) Chart

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