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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.70% gain at 23753 level yesterday. Banking index outperformed the benchmark index as it closed with 1.10% gain at 51317 level.

* India VIX closed with 10.30% cut at 13.52 level.

* Among Sectors, NIFTYREALTY outperformed the benchmark index as it closed with 1.47% gain while NIFTYMEDIA underperformed as it closed with 0.39% cut.

* Broader market performed mixed as MIDCAP index closed with 0.33% gain while SMALLCAP index closed with 0.14% cut.

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

* Both European markets (SXXP) and US markets (DJIA) closed higher yesterday. Asian Markets are trading higher today.

Intraday Market Outlook

* Benchmark index is likely to trade range bound within 23650-23850 range; however, breakout from this range will provide a trending move in that direction. Index has support at 23650 - 23550 level and resistance at 23850 - 23950 level.

* Banking index is likely to trade volatile as monthly expiry today with support at 50800 - 50600 level and resistance at 51800 - 52000 level.

* SAIL closed with a bullish candlestick formation yesterday and it is likely to trade with a positive bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Char

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