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TECHNICAL OUTLOOK

▪ Benchmark index traded volatile before closing with 0.53% cut at 17957 level. Banking index underperformed the benchmark index as it closed with 1.47% cut at 38068 level

▪ India VIX closed with 3.24% gain at 18.49 level

▪ Among Sectors, FMCG and AUTO index outperformed as they closed with 1.25% and 1.23% gains while MEDIA and REALTY lagged as they closed with 0.26% cut each. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.38% and 0.85% 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 following hawkish comments from Fed governor Lael Brainard. Asian Markets are following suit and trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

▪ Benchmark index is likely open lower and trade with negative bias today with support at 17750 - 17650 level and resistance at 18000 - 18100 level.

▪ Banking index is likely to trade in line with benchmark index with support at 37400 - 37000 level and resistance at 38200 - 38500 level.

▪ SBICARD has closed with bearish candlestick formation below 21 EMA and it is likely to continue its negative momentum today as well

BANK NIFTY (Daily) Chart

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