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TECHNICAL OUTLOOK

* Benchmark index traded range bound yesterday as it closed with 0.02% gain at 23265 level. Banking index performed in line with the benchmark index as it closed with 0.15% cut at 49705 level.

* India VIX closed with 9.96% cut at 14.76 level.

* Among Sectors NIFTYMEDIA index performed better than the benchmark index as it closed with 1.75% gain while NIFTYPHARMA index underperformed as it closed with 0.43% cut.

* Broader market outperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.81% and 0.55% 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 lower yesterday. Asian Markets are largely trading lower today.

Intraday Market Outlook

* Benchmark index is likely to trade with negative bias today. Index has support at 23100 - 23000 level and resistance at 23400 - 23500 level.

* Banking index is likely to trade in line with the benchmark index today with support at 49300 - 49000 level and resistance at 50000 - 50300 level.

* HINDCOPPER closed with bearish candlestick pattern and it is likely to trade with negative bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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