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TECHNICAL OUTLOOK

* Benchmark index traded with negative bias as it closed with 1.02% cut at 23951 level yesterday. Banking index performed in line with the benchmark index as it closed with 1.08% cut at 51575 level.

* India VIX closed with 0.96% gain at 14.51 level.

* Among Sectors, NIFTYPHARMA outperformed the benchmark index as it closed with 1.72% gain while NIFTYIT underperformed as it closed with 1.26% cut.

* Broader market performed better than the benchmark index as both MIDCAP and SMALLCAP index closed with 0.28% and 0.51% 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.

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

Intraday Market Outlook

* Benchmark index is likely to trade volatile today. Index has support at 23800 - 23750 level and resistance at 24100 - 24200 level.

* Banking index is likely to trade in line with the benchmark index with support at 51000 - 50800 level and resistance at 52000 - 52300 level.

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

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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