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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias as it closed with 0.34% gain at 24936 level yesterday. Banking index outperformed as it closed with 1.07% gain at 51118 level

* India VIX closed with 6.44% cut at 14.23 level ? Among Sectors FMCG outperformed as it closed with 2.04% gain.

* Broader market underperformed the benchmark index as both MIDCAP100 and SMALLCAP100 index closed with 0.26% and 0.93% cut respectively.

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

* Both European markets (DAX) and US markets (DJIA) closed higher yesterday. Asian Markets are trading with positive bias today.

Intraday Market Outlook

* Benchmark index is likely to open higher and trade volatile today. Index has support at 24850 - 24800 level and resistance at 25100 - 25150 level.

* Banking index is likely to perform in line with benchmark index today with support at 50700 - 50500 level and resistance at 51700 - 52000 level.

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

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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