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TECHNICAL OUTLOOK 

* Benchmark index traded with negative bias yesterday before closing with 0.95% cut at 22488 level. Banking index outperformed the benchmark index as it closed with 0.37% gain at 48682 level.

* India VIX closed unchanged at 24.17 level.

* Among Sectors NIFTYMEDIA index performed better than the benchmark index as it closed with 0.48% gain while NIFTYMETAL index underperformed as it closed with 3.01% cut.

* Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 1.34% and 1.62% cut respectively.

* Advance/Decline ratio 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) closed higher while US markets (DJIA) closed lower yesterday. Asian Markets are trading higher today. 

Intraday Market Outlook 

* Benchmark index is likely to witness recovery today post sharp sell off on May month expiry yesterday. Index has support at 22350 - 22250 level and resistance at 22700 - 22800 level.

* Banking index is likely to trade in line with the benchmark index today with support at 48300 - 48000 level and resistance at 49200 - 49500 level.

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

NIFTY (Daily) Chart

 BANK NIFTY (Daily) Chart 

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