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TECHNICAL OUTLOOK

* Benchmark index traded with negative bias before closing with 1.25% cut at 24472 level yesterday. Banking index performed in line with the benchmark index as it closed with 1.36% cut at 51257 level.

* India VIX closed with 4.60% gain at 14.39 level.

* Among Sectors NIFTYFMCG performed slightly better than the benchmark index as it closed with 0.46% cut and NIFTYPSUBANK underperformed as it closed with 4.18% cut.

* Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 2.61% and 3.92% cut respectively.

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

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

Intraday Market Outlook

* Benchmark index is likely to trade volatile today. Index has support at 24300 - 24200 level and resistance at 24600 - 24700 level.

* Banking index is likely to perform in line with benchmark index today with support at 50800 - 50500 level and resistance at 51700 - 51900 level.

* ICICIBANK has closed on its support level with Doji candlestick pattern. It is likely to trade with a positive bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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