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TECHNICAL OUTLOOK

* Benchmark index traded volatile yesterday before closing with 0.95% gain at 21725 level. Banking index performed better than the benchmark index as it closed with 1.39% gain at 45996 level.

* India VIX closed with 0.34% cut at 16.04 level.

* Among Sectors NIFTYPHARMA index performed better than the benchmark index as it closed with 2.68% gain while NIFTYINFRA index underperformed as it closed with 0.28% gain.

* Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.57% and 1.83% gains respectively.

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

* European markets (DAX) and US markets (DJIA) closed with negative bias yesterday. Asian Markets are trading mixed today.

Intraday Market Outlook

* Benchmark index is likely to trade volatile on interim budget day today. Index has support at 21500 - 21400 level and resistance at 21900 – 22000 level.

* Banking index is likely to trade in line with benchmark index today with support at 45400 - 45100 level and resistance at 46500 - 46700 level.

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

NIFTY (Daily) Chart

BANK NIFTY (Daily) Charts

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