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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias as it closed with 1.00% gain at 17498 level. Banking index performed better than the benchmark index as it closed with 1.36% gain at 36334 level

* India VIX closed with 3.24% cut at 20.61 level

* Among Sectors, MEDIA and REALTY index outperformed as they closed with 2.28% and 1.53% gains while METAL and PSE index underperformed as they closed with 2.17% and 0.24% cut respectively. Broader market lagged the benchmark index as both MIDCAP and SMALLCAP index closed with 0.85% and 0.97% gains respectively.

* Advance/Decline ratio was in favour of advances 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 trading mixed today

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade rangebound on monthly expiry day. Index has support at 17400 - 17300 level and resistance at 17600 - 17700 level.

* Banking index is likely to trade in line with benchmark index with support at 36000 - 35700 level and resistance at 36700 - 37000 level.

* BAJFINANCE 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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