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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias yesterday as it closed with 3.36% gain at 22620 level. Banking index outperformed the benchmark index as it closed with 4.53% gain at 49055 level.

*  India VIX closed with 29.40% cut at 18.88 level.

*  Among Sectors NIFTYMETAL index performed better than the benchmark index as it closed with 5.75% gain while NIFTYIT index underperformed as it closed with 2.39% gain.

* Broader market performed in line with the benchmark index as both MIDCAP index and SMALLCAP index closed with 4.30% and 3.81% gains 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. Asian Markets are following suit and trading higher today.

Intraday Market Outlook

* Benchmark index is likely to open higher on the back of favourable global cues and trade volatile on weekly expiry today. Index has support at 22400 - 22300 level and resistance at 22900 - 23000 level.

* Banking index is likely to trade in line with the benchmark index today with support at 48500 - 48200 level and resistance at 49700 - 50000 level.

* RELIANCE 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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