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TECHNICAL OUTLOOK

* Benchmark index traded with negative bias yesterday before closing with 0.80% cut at 22705 level. Banking index underperformed the benchmark index as it closed with 1.30% cut at 48501 level.

* India VIX closed with 0.08% cut at 24.17 level.

* Among Sectors NIFTYPHARMA index performed better than the benchmark index as it closed with 0.55% gain while FINNIFTY index underperformed as it closed with 1.65% cut.

* Broader market performed mixed as MIDCAP index closed with 0.32% cut while SMALLCAP index closed with 0.06% gain.

* Advance/Decline ratio was in favour of declines and cash turnover was lower 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 22500 - 22400 level and resistance at 22800 - 22900 level.

* Banking index is likely to trade in line with the benchmark index today with support at 48000 - 47700 level and resistance at 48800 - 49100 level.

* CIPLA 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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