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TECHNICAL OUTLOOK

* Benchmark index traded range bound yesterday before closing with 0.12% gain at 22405 level. Banking index performed in line with the benchmark index as it closed 0.36% at 47456 level.

* India VIX closed with 0.47% cut at 14.92 level. 

* Among Sectors NIFTYPSE index performed better than the benchmark index as it closed with 2.38% gain while NIFTYMEDIA index underperformed as it closed with 1.85% cut.

* Broader market traded mixed as MIDCAP index closed with 0.19% gain while SMALLCAP index closed with 0.51% cut.

* Advance/Decline ratio was in favour of Advances 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 lower yesterday. Asian Markets are trading lower today.

Intraday Market Outlook

* Benchmark index is likely to trade range bound today with support at 22250 - 22200 level and resistance at 22500 - 22550 level.

* Banking index is likely to trade in line with the benchmark index today with support at 47100 - 46900 level and resistance at 47700 - 48000 level.

* AXISBANK has closed with bullish candlestick and it is likely to trade with positive bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Charts

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