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TECHNICAL OUTLOOK

* Benchmark index closed with 0.61% cut at 17999 level. Banking index underperformed the benchmark index as it closed with 1.02% cut at 38307 level.

* India VIX closed with 1.75% cut at 15.20 level

* Among Sectors, AUTO and MNC indices outperformed the benchmark index as they closed with 2.48% and 0.28% gain while PSUBANK and ENERGY indices closed with 2.14% and 1.34% cut respectively. Broader market traded mixed compared to the benchmark index as MIDCAP index closed with 0.27% cut and SMALLCAP index closed with 0.50% gain.

* Advance/Decline ratio (Nifty stocks) was in favour of declines and cash turnover was higher 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 with gains yesterday. However, Asian markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Nifty is facing selling pressure at higher levels; traders are advised to initiate long positions only if the index sustains above 18100 level. Nifty has support at 17850-17750 and resistance at 18100-18200 levels

* Banking index is likely to trade with mild negative bias today with support at 37900 - 37700 level and resistance at 38500 - 38700 level

* CADILAHC has closed with bearish candlestick formation below 21 EMA and it is likely to continue its downside momentum today as well

BANK NIFTY (Daily) Chart

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