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TECHNICAL OUTLOOK

* Benchmark index traded on a positive note before closing with 0.82% gain at 17784 level. Banking index slightly underperformed the benchmark index as it closed with 0.52% gain at 37752 level

* India VIX closed with 6.89% cut at 17.69 level

* Among Sectors, METAL and FMCG index outperformed as they closed with 2.07% and 2.03% gains while IT index lagged as it closed with 0.08% cut. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.98% and 0.39% gains respectively.

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

* European markets (DAX) and US markets (DJIA) closed higher on Friday. However, Asian Markets are largely trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open lower and trade volatile today. Index has support at 17650 - 17550 level and resistance at 17900 - 18000 level

* Banking index is likely to trade in line with benchmark index with support at 37300 - 37000 level and resistance at 38000 - 38300 level.

* ITC 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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