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TECHNICAL OUTLOOK

* Benchmark index traded volatile yesterday before closing with 0.51% cut at 21462 level. Banking index lagged the benchmark index as it closed with 0.76% cut at 45713 level.

* India VIX closed with 6.70% cut at 14.07 level.

* Among Sectors NIFTYPHARMA index performed better than the benchmark index as it closed with 1.03% gain while FINNIFTY index underperformed as it closed with 1.00% cut.

* Broader market performed better than the benchmark index as MIDCAP index closed with 0.08% gain while SMALLCAP index closed with 0.02% cut.

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

* European markets (DAX) and US markets (DJIA) closed higher yesterday. Asian Markets are following suit and trading higher today.

Intraday Market Outlook

* Benchmark index is likely to trade with positive bias today. Index has support at 21450 - 21400 level and resistance at 21650 – 21700 level.

* Banking index is likely to trade in line with benchmark index today with support at 45500 - 45300 level and resistance at 46200 - 46400 level.

* AXISBANK has closed with bullish candlestick and it is likely to trade with positive bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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