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TECHNICAL OUTLOOK

* Benchmark index traded range bound yesterday before closing with 0.19% cut at 22888 level. Banking index underperformed the benchmark index as it closed with 0.28% cut at 49142 level.

* India VIX closed with 4.32% gain at 24.19 level.

* Among Sectors NIFTYPHARMA index performed better than the benchmark index as it closed with 0.54% gain while NIFTYREALTY index underperformed as it closed with 2.16% cut.

* Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.89% and 0.85% cut respectively.

* Advance/Decline ratio was in favour of declines and cash turnover was lower than 5-day average. Both FII and 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 22700 - 22600 level and resistance at 23000 - 23100 level.

* Banking index is likely to trade in line with the benchmark index today with support at 48600 - 48400 level and resistance at 49400 - 49600 level.

* SYNGENE 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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