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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.40% gain at 17222 level. Banking index slightly outperformed the benchmark index as it closed with 0.85% gain at 35711 level

* India VIX closed with 3.50% cut at 22.61 level

* Among Sectors, PSUBANK and METAL index outperformed as they closed with 1.22% and 0.91% gains while IT and PHARMA index underperformed as they closed with 0.35% and 0.33% cut respectively. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.18% and 0.73% cut 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) and US markets (DJIA) closed higher yesterday. Asian Markets are following suit and trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with mild positive bias today with support at 17100 - 17000 level and resistance at 17400 - 17500 level.

* Banking index is likely to trade in line with benchmark index with support at 35400 - 35100 level and resistance at 36200 - 36500 level.

* SBIN 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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