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TECHNICAL OUTLOOK

* Benchmark index traded range bound yesterday before closing with 0.46% gain at 24433 level. Banking index underperformed the benchmark index as it closed with 0.27% gain at 52569 level.

* India VIX closed with 5.00% gain at 14.28 level.

* Among Sectors NIFTYAUTO index performed better than the benchmark index as it closed with 2.23% gain while NIFTYIT index underperformed as it closed with 0.20% cut.

* Broader market performed in line with the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.33% and 0.26% gains respectively.

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

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

Intraday Market Outlook

* Benchmark index is likely to trade volatile today. Index has support at 24300 - 24250 level and resistance at 24550 - 24600 level.

* Banking index is likely to trade in line with the benchmark index today with support at 52100 - 51900 level and resistance at 53000 - 53200 level.

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

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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