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TECHNICAL OUTLOOK

* Benchmark index traded on a positive note before closing with 0.99% gain at 17799 level. Banking index outperformed the benchmark index as it closed with 1.91% gain at 40209 level

* India VIX closed with 5.47% cut at 18.31 level

* Among Sectors, PSUBANK and BANKING index outperformed the benchmark index as they closed with 2.51% and 1.91% gains while METAL and MEDIA index lagged as they closed with 0.90% and 0.45% cut respectively. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.18% and 0.96% gains respectively.

* Advance/Decline ratio was in favour of advances and cash turnover was higher than 5-day average. FII were net buyers while DII were net sellers in the cash segment

* European markets (DAX) closed with minor cut while US markets (DJIA) closed higher yesterday. Asian Markets are trading higher today

Intraday Market Outlook

* Benchmark index is likely to trade with positive bias today with support at 17700 - 17600 level and resistance at 17900 - 18000 level

* Banking index is likely to trade in line with the benchmark index today with support at 40000 - 39700 level and resistance at 40500 - 40800 level

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

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