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TECHNICAL OUTLOOK

* Benchmark index traded with negative bias as it closed with 0.44% cut at 18028 level. Banking index outperformed the benchmark index as it closed with 0.42% gain at 42507 level.

* India VIX closed with 1.24% cut at 13.78 level.

* Among Sectors FINNIFTY index outperformed the benchmark index as it closed with 0.17% gain while MEDIA index underperformed the benchmark index as it closed with 1.36% cut. Broader market traded in line with the benchmark index as both MIDCAP and SAMLLCAP index closed with 0.66% and 0.50% cut respectively.

* Advance/Decline ratio was in favour of declines 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. Asian Markets are following suit and largely trading higher today.

NIFTY (Daily) Chart 

Intraday Market Outlook

* Benchmark index is likely to trade with positive bias today with support at 18000 - 17950 level and resistance at 18200 – 18250 level

* Banking index is likely to trade in line with benchmark index today with support at 42400 - 42200 level and resistance at 43000 - 43300 level.

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

BANK NIFTY (Daily) Chart

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