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TECHNICAL OUTLOOK

* Benchmark index traded range bound yesterday as it closed with 0.13% cut at 23259 level. Banking index performed in line with the benchmark index as it closed with 0.04% cut at 49780 level.

* India VIX closed with 2.87% cut at 16.39 level.

* Among Sectors NIFTYMEDIA index performed better than the benchmark index as it closed with 1.86% gain while NIFTYIT index underperformed as it closed with 1.83% cut.

* Broader market outperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.08% and 1.51% 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 buyers in the cash segment.

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

Intraday Market Outlook

* Benchmark index is likely to trade range bound today. Index has support at 23100 - 23000 level and resistance at 23400 - 23500 level.

* Banking index is likely to trade in line with the benchmark index today with support at 49300 - 49000 level and resistance at 50200 - 50500 level.

* SRF 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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