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TECHNICAL OUTLOOK

* Benchmark index traded with negative bias before closing with 0.85% cut at 24139 level yesterday. Banking index underperformed the benchmark index as it closed with 1.48% cut at 49832 level.

* India VIX closed with 1.89% gain at 16.16 level.

* Among Sectors NIFTYIT index performed better than the benchmark index as it closed with 0.01% gain while FINNIFTY index underperformed as it closed with 1.87% cut.

* Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP closed with 0.78% and 1.30% 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) and US markets (DJIA) closed higher yesterday. Asian Markets are trading mixed today.

Intraday Market Outlook

* Benchmark index is likely to trade volatile on weekly expiry today. Index has support at 24000 - 23900 level and resistance at 24300 - 24400 level.

* Banking index is likely to trade in line with the benchmark index today with support at 49300 - 49100 level and resistance at 50300 - 50500 level.

* RELIANCE closed with bullish candlestick pattern and it is likely to trade with positive bias today

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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