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TECHNICAL OUTLOOK

* Benchmark index traded volatile yesterday as it closed with 0.25% gain at 23323 level. Banking index outperformed the benchmark index as it closed with 0.38% gain at 49895 level.

* India VIX closed with 2.56% cut at 14.38 level.

*  Among Sectors NIFTYMEDIA index performed better than the benchmark index as it closed with 1.89% gain while NIFTYFMCG index underperformed as it closed with 0.51% cut.

* Broader market outperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 1.04% and 1.23% gains respectively.

* Advance/Decline ratio was in favour of advances and cash turnover was lower than 5-day average. Both FII and DII were net buyers in the cash segment.

* European markets (DAX) closed higher while US markets (DJIA) closed lower yesterday. Asian Markets are largely trading higher today.

Intraday Market Outlook

* Benchmark index is likely to trade volatile on expiry today. Index has support at 23100 - 23000 level and resistance at 23500 - 23600 level.

* Banking index is likely to trade in line with the benchmark index today with support at 49500 - 49300 level and resistance at 50300 - 50600 level.

* ITC 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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