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TECHNICAL OUTLOOK

* Benchmark index closed with 1.56% gain at 17177 level. Banking index outperformed the benchmark index as it closed with 2.47% gain at 36618 level.

* India VIX closed with 8.07% cut at 18.46 level

* Among Sectors, METAL and BANKING index outperformed the benchmark index as they closed with 3.13% and 2.47% gains. Broader market performed in line with the benchmark index as both MIDCAP index and SMALLCAP index closed with 1.40% and 1.09% gain 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 as global markets continue to recover from Omicron variant triggered fall. Asian markets are trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Nifty is likely to register more gains today on the back of favourable global cues. Index has support at 17000 - 16900 and resistance at 17350 - 17450 level.

* Banking index is likely to trade in line with the benchmark index today with support at 36300 - 36000 level and resistance at 37150 - 37400 level

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

BANK NIFTY (Daily) Chart

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