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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.33% gain at 24275 level yesterday. Banking index performed in line with the benchmark index as it closed with 0.21% gain at 52302 level.

* India VIX closed with 4.44% cut at 14.62 level.

* Among Sectors NIFTYENERGY outperformed the benchmark index as it closed with 1.45% gain while NIFTYPHARMA underperformed as it closed with 0.61% cut.

* Broader market traded better than the benchmark index as both MIDCAP and SMALLCAP index closed with 0.64% and 1.30% gains respectively.

*  Advance/Decline ratio was similar at 1:1 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 volatile on monthly expiry today. Index has support at 24100 - 24050 level and resistance at 24450 - 24500 level.

* Banking index is likely to trade in line with the benchmark index with support at 51800 - 51600 level and resistance at 52800 - 53000 level.

*  HDFCBANK 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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