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TECHNICAL OUTLOOK

* Benchmark index traded volatile yesterday before closing with 0.53% gain at 22474 level. Banking index outperformed the benchmark index as it closed with 0.81% gain at 47965 level.

* India VIX closed with 0.59% cut at 14.29 level.

* Among Sectors NIFTYIT index performed better than the benchmark index as it closed with 0.77% gain while NIFTYMEDIA index underperformed as it closed with 2.54% cut.

* Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.52% and 1.96% cut 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 higher yesterday. Asian Markets are trading mixed today.

Intraday Market Outlook

* Benchmark index is likely to trade volatile on weekly expiry today with support at 22400 - 22350 level and resistance at 22600 - 22650 level.

* Banking index is likely to trade in line with the benchmark index today with support at 47700 - 47500 level and resistance at 48300 - 48500 level.

* INFY 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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