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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias before closing with 0.41% gain at 24304 level on Friday. Banking index performed in line with the benchmark index as it closed with 0.39% gain at 51673 level.

* India VIX closed with 2.27% gain at 15.90 level.

* Among Sectors NIFTYAUTO outperformed the benchmark index as it closed with 1.24% gain while NIFTYIT underperformed as it closed with 0.06% gain.

* Broader market outperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.68% and 1.03% gains respectively.

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

* Both European markets (DAX) and US markets (DJIA) closed higher on Friday. Asian Markets are following suit and largely trading higher today.

Intraday Market Outlook

* Benchmark index is likely to trade range bound today. Index has support at 24150 - 24100 level and resistance at 24450 - 24500 level.

* Banking index is likely to perform in line with benchmark index today with support at 51300 - 51000 level and resistance at 52100 - 52400 level.

* ENTERO closed with positive candlestick pattern and it is likely to trade with a positive bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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