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TECHNICAL OUTLOOK

* Benchmark index traded volatile yesterday before closing with 0.05% gain at 21741 level. Banking index lagged the benchmark index as it closed with 0.12% cut at 48234 level.

* India VIX closed with 1.22% gain at 14.68 level.

* Among Sectors NIFTYMEDIA index performed better than the benchmark index as it closed with 1.78% gain while NIFTYCONSUMPTION index underperformed as it closed with 0.29% cut.

* Broader market outperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.54% and 0.73% gains respectively.

* 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) were shut due to holiday yesterday. Asian Markets are largely trading lower today.

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 21600 - 21550 level and resistance at 21850 – 21900 level.

* Banking index is likely to trade in line with benchmark index today with support at 47900 - 47700 level and resistance at 48600 - 48800 level.

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

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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