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TECHNICAL OUTLOOK

* Benchmark index traded range bound before closing with 0.04% cut at 24610 level yesterday. Banking index outperformed the benchmark index as it closed with 0.32% gain at 53578 level.

* India VIX closed with 2.34% cut at 13.77 level.

* Among Sectors, NIFTYREALTY outperformed the benchmark index as it closed with 1.43% gain while NIFTYMEDIA underperformed as it closed with 0.68% cut.

* Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.23% and 0.28% gains respectively.

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

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

Intraday Market Outlook

* Benchmark index is likely to trade range bound today. Index has support at 24500 - 24450 level and resistance at 24750 - 24800 level.

* Banking index is likely to outperform the benchmark index with support at 53200 - 53000 level and resistance at 54100 - 54300 level.

* SBIN closed with a positive candlestick pattern and it is likely to trade with a positive bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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