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TECHNICAL OUTLOOK

*  Benchmark index traded range bound yesterday before closing with 0.39% gain at 23558 level. Banking index outperformed the benchmark index as it closed with 0.88% gain at 50441 level.

* India VIX closed with 1.11% gain at 12.96 level.

* Among Sectors NIFTYREALTY index performed better than the benchmark index as it closed with 1.88% gain while NIFTYMEDIA index underperformed as it closed with 0.64% cut.

* Broader market outperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.48% and 1.08% gains respectively.

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

* European markets (DAX) and US markets (DJIA) closed higher yesterday. Asian Markets are following suit and trading higher today.

Intraday Market Outlook

* Benchmark index is likely to open higher and trade with mild positive bias today. Index has support at 23500 - 23450 level and resistance at 23750 - 23800 level.

* Banking index is likely to trade in line with the benchmark index today with support at 50200 - 50000 level and resistance at 51000 - 51200 level.

* ICICIBANK 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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