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TECHNICAL OUTLOOK

* Benchmark index traded with negative bias yesterday as it closed with 0.72% cut at 22332 level. Banking index underperformed the benchmark index as it closed with 1.06% cut at 47327 level.

* India VIX closed with 2.81% gain at 13.99 level.

* Among Sectors NIFTYPHARMA index performed better than the benchmark index as it closed with 0.04% gain while NIFTYMEDIA index underperformed as it closed with 2.91% cut.

* Broader market performed in line with the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.39% and 1.99% cut respectively.

* Advance/Decline ratio was in favour of decline 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 higher yesterday. Asian Markets are largely trading mixed today.

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 22200 - 22150 level and resistance at 22450 - 22500 level.

* Banking index is likely to trade in line with the benchmark index today with support at 47000 - 46800 level and resistance at 47600 - 47800 level.

* TCS 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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