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TECHNICAL OUTLOOK

* Benchmark index traded with negative bias on Friday before closing with 1.09% cut at 24530 level. Banking index performed in line with the benchmark index as it closed with 0.67% cut at 52265 level.

* India VIX closed with 2.17% gain at 14.82 level.

* Among Sectors NIFTYIT index performed better than the benchmark index as it closed with 0.22% cut and NIFTYMETAL index underperformed as it closed with 3.95% cut.

* Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 2.11% and 2.29% cut respectively.

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

* European markets (DAX) and US markets (DJIA) closed lower on Friday. Asian Markets are following suit and trading lower today.

Intraday Market Outlook

* Benchmark index is likely to trade with negative bias today. Index has support at 24300 - 24250 level and resistance at 24600 - 24650 level.

* Banking index is likely to trade in line with the benchmark index today with support at 51700 - 51500 level and resistance at 52500 - 52700 level.

* BAJAJAUTO closed with bearish candlestick pattern and it is likely to trade with negative bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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