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TECHNICAL OUTLOOK

* Benchmark index traded with negative bias before closing with 1.27% cut at 23995 level yesterday. Banking index performed better than the benchmark index as it closed with 0.89% cut at 51215 level.

* India VIX closed with 4.94% gain at 16.68 level.

* Among Sectors NIFTYIT outperformed the benchmark index as it closed with 0.03% cut while NIFTYREALTY underperformed as it closed with 2.93% cut.

* Broader market performed in line with the benchmark index as both MIDCAP index and SMALLCAP index closed with 1.26% and 1.97% cut respectively.

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

* Both European markets (DAX) and US markets (DJIA) closed lower yesterday. Asian Markets are trading mixed today.

Intraday Market Outlook

* Benchmark index is likely to trade volatile today. Index has support at 23800 - 23700 level and resistance at 24200 - 24300 level.

* Banking index is likely to perform in line with benchmark index today with support at 50700 - 50400 level and resistance at 51700 - 52000 level.

* SBIN closed with positive candlestick pattern and it is likely to trade with a positive bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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