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* Benchmark index traded range bound before closing with 0.10% gain at 23750 level yesterday. Banking index underperformed the benchmark index as it closed with 0.12% cut at 51170 level.

* India VIX closed with 6.51% gain at 14.03 level.

* Among Sectors, NIFTYAUTO outperformed the benchmark index as it closed with 0.84% gain while NIFTYMEDIA underperformed as it closed with 1.46% cut.

* Broader market traded mixed as MIDCAP index closed with 0.12% gain while SMALLCAP index closed with 0.02% 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 mixed 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 in line with benchmark index with support at 50800 - 50600 level and resistance at 51800 - 52000 level.

* SHRIRAMFIN 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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