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TECHNICAL OUTLOOK

* Benchmark index traded range bound on March month expiry day before closing with 0.19% cut at 17465 level. Banking index performed slightly better than the benchmark index as it closed with 0.11% gain at 36374 level

* India VIX closed with 0.24% cut at 20.56 level

* Among Sectors, FMCG and MEDIA index outperformed as they closed with 1.20% and 0.81% gains while PHARMA and PSUBANK index underperformed as they closed with 1.17% and 0.77% cut respectively. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.34% and 0.69% gains respectively.

* Advance/Decline ratio was in favour of declines 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 lower yesterday. Asian Markets are largely trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with mild negative bias today with support at 17300 - 17200 level and resistance at 17550 - 17650 level.

* Banking index is likely to trade in line with benchmark index with support at 35800 - 35500 level and resistance at 36700 - 37000 level.

* CANFINHOME 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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