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TECHNICAL OUTLOOK

* Benchmark index traded with negative bias as it closed with 0.56% cut at 24198 level yesterday. Banking index underperformed the benchmark index as it closed with 1.32% cut at 52139 level.

* India VIX closed with 0.78% cut at 14.37 level.

* Among Sectors, NIFTYPHARMA outperformed the benchmark index as it closed with 1.09% gain while NIFTYMEDIA underperformed as it closed with 2.24% cut.

*  Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.64% and 0.87% cut respectively.

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

* Both 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 on unfavourable global cues and trade volatile today. Index has support at 23900 - 23800 level and resistance at 24200 - 24300 level.

* Banking index is likely to trade in line with the benchmark index with support at 51300 - 51000 level and resistance at 52200 - 52500 level.

* PEL closed with bearish candlestick pattern and it is likely to trade with a negative bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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