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TECHNICAL OUTLOOK

* Benchmark index traded range bound yesterday as it closed with 0.33% gain at 23399 level. Banking index underperformed the benchmark index as it closed with 0.10% cut at 49846 level.

* India VIX closed with 6.26% cut at 13.48 level.

* Among Sectors NIFTYREALTY index performed better than the benchmark index as it closed with 2.24% gain while NIFTYMEDIA index underperformed as it closed with 1.09% cut.

* Broader market outperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.79% and 0.67% gains respectively.

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

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

Intraday Market Outlook

* Benchmark index is likely to trade range bound today. Index has support at 23250 - 23200 level and resistance at 23550 - 23600 level.

* Banking index is likely to trade in line with the benchmark index today with support at 49500 - 49300 level and resistance at 50300 - 50500 level.

*  ICICIPRULI 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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