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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing flat at 23645 level yesterday. Banking index lagged the benchmark index as it closed with 0.18% cut at 50860 level.

* India VIX closed with 3.40% gain at 14.44 level.

* Among Sectors, NIFTYPSE outperformed the benchmark index as it closed with 1.25% gain while NIFTYIT underperformed as it closed with 1.44% cut.

* Broader market outperformed the benchmark index as MIDCAP index and SMALLCAP index closed with 0.02% and 0.69% gains respectively.

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

* European markets (SXXP) closed higher while US markets (DJIA) closed lower yesterday. Asian Markets are mostly shut due to holiday today.

Intraday Market Outlook

* Benchmark index is likely to trade range bound today. Index has support at 23500 - 23450 level and resistance at 23800 - 23850 level.

* Banking index is likely to trade in line with benchmark index with support at 50400 - 50200 level and resistance at 51300 - 51500 level.

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

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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