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TECHNICAL OUTLOOK

* Benchmark index traded volatile as it closed with 0.26% cut at 23992 level yesterday. Banking index underperformed the benchmark index as it closed with 0.69% cut at 49748 level.

* India VIX closed with 7.98% cut at 18.74 level.

* Among Sectors NIFTYREALTY index performed better than the benchmark index as it closed with 0.84% gain while NIFTYPSUBANK index underperformed as it closed with 1.26% cut.

* Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP closed with 0.61% and 0.39% cut respectively.

* Advance/Decline ratio was in favour of declines 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 higher yesterday. Asian Markets are following suit and trading higher today.

Intraday Market Outlook

* Benchmark index is likely to open higher and trade with positive bias today. Index has support at 23900 - 23850 level and resistance at 24300 - 24400 level.

* Banking index is likely to trade in line with the benchmark index today with support at 49500 - 49300 level and resistance at 50400 - 50700 level.

* JSWSTEEL 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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