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TECHNICAL OUTLOOK

* Benchmark index traded with negative bias yesterday as it closed with 5.93% cut at 21885 level. Banking index underperformed the benchmark index as it closed with 7.95% cut at 46928 level.

* India VIX closed with 27.75% gain at 26.74 level.

* Among Sectors NIFTYFMCG index performed better than the benchmark index as it closed with 0.95% gain while NIFTYPSE index underperformed as it closed with 16.38% cut.

* Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 7.88% and 8.23% cut respectively.

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

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

Intraday Market Outlook

* Benchmark index is likely to trade volatile today. Index has support at 21600 - 21400 level and resistance at 22200 - 22400 level.

* Banking index is likely to trade in line with the benchmark index today with support at 46000 - 45500 level and resistance at 47800 - 48300 level.

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

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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