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TECHNICAL OUTLOOK

* Benchmark index traded volatile yesterday before closing with 0.19% gain at 22648 level. Banking index underperformed the benchmark index as it closed with 0.34% cut at 49231 level.

* India VIX closed with 4.47% gain at 13.44 level.

* Among Sectors NIFTYPSE index performed better than the benchmark index as it closed with 2.29% gain while NIFTYMEDIA index underperformed as it closed with 1.58% cut.

* Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.49% and 0.04% gains respectively.

* Advance/Decline ratio was in favour of advances 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) closed lower while US markets (DJIA) closed higher yesterday. Asian Markets are trading higher today.

Intraday Market Outlook

* Benchmark index is likely to open higher on favourable global cues and trade with positive bias today. Index has support at 22600 - 22550 level and resistance at 22850 - 22900 level.

* Banking index is likely to trade in line with the benchmark index today with support at 49000 - 48800 level and resistance at 49800 - 50000 level.

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

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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