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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias as it closed with 1.45% gain at 16871 level. Banking index outperformed the benchmark index as it closed with 2.22% gain at 35312 level

* India VIX closed with 1.30% gain at 25.68 level

* Among Sectors, MEDIA and BANKING index outperformed as they closed with 2.45% and 2.22% gains while REALTY and PSE index underperformed as they closed with 1.69% and 0.99% cut respectively. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.20% and 0.22% 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) closed higher while US markets (DJIA) gave up gains from higher levels as it closed flat yesterday. Asian Markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade rangebound today with support at 16750 - 16650 level and resistance at 17000 - 17100 level.

* Banking index is likely to trade with mild positive bias today with support at 35000 - 34800 level and resistance at 35800 - 36000 level.

* ICICIBANK has closed with bullish candlestick formation with above average volumes. It is likely to continue positive momentum today as well.

BANK NIFTY (Daily) Chart

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