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TECHNICAL OUTLOOK

* Benchmark index traded range bound yesterday before closing with 0.04% cut at 22453 level. Banking index performed in line with the benchmark index as it closed with 0.07% cut at 47545 level.

* India VIX closed with 3.56% cut at 11.65 level.

* Among Sectors NIFTYMEDIA index performed better than the benchmark index as it closed with 1.85% gain while NIFTYIT index underperformed as it closed with 0.71% cut.

* Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.16% and 1.22% gains respectively.

* Advance/Decline ratio was in favour of advances 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 lower yesterday. Asian Markets are following suit and trading lower today.

Intraday Market Outlook

* Benchmark index is likely to open lower on unfavourable global cues and trade volatile today. Index has support at 22300 - 22250 level and resistance at 22500 - 22550 level.

* Banking index is likely to trade in line with the benchmark index today with support at 47100 - 46900 level and resistance at 47700 - 47900 level.

* ICICIBANK has closed with bearish candlestick and it is likely to trade with negative bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Charts

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