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TECHNICAL OUTLOOK

* Benchmark index traded on a positive note as it closed with 1.05% gain at 17137 level. Banking index underperformed the benchmark index as it closed with 0.07% cut at 36315 level

* India VIX closed with 5.61% cut at 18.67 level

* Among Sectors, AUTO and MNC index outperformed the benchmark index as they closed with 2.20% and 1.31% gains while MEDIA and METAL index underperformed as they closed with 0.46% and 0.33% cut respectively. Broader market traded mixed as MIDCAP index closed with 0.75% gain and SMALLCAP index closed with 0.18% cut

* 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 largely trading higher today.

NIFTY (Daily) Char

Intraday Market Outlook

* Benchmark index is likely to open higher and trade volatile on weekly expiry today. Index has support at 17000 - 16900 level and resistance at 17300 - 17400 level.

* Banking index is likely to trade in line with benchmark index today with support at 36000 - 35700 level and resistance at 36800 - 37100 level.

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

BANK NIFTY (Daily) Chart

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