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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.27% cut at 24413 level. Banking index underperformed the benchmark index as it closed with 0.89% cut at 51317 level.

* India VIX closed with 7.73% cut at 11.76 level.

* Among Sectors NIFTYMEDIA index performed better than the benchmark index as it closed with 2.47% gain while FINNIFTY index underperformed as it closed with 0.60% cut.

* Broader market outperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 1.04% and 1.76% gains respectively.

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

Intraday Market Outlook

* Benchmark index is likely to open lower and trade volatile on monthly expiry today. Index has support at 24100 - 24000 level and resistance at 24450 - 24500 level.

* Banking index is likely to trade 1in line with the benchmark index today with support at 50700 - 50500 level and resistance at 51300 - 51500 level.

* CIPLA 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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