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TECHNICAL OUTLOOK

* Benchmark index traded with negative bias yesterday before closing with 1.08% cut at 21817 level. Banking index performed better than the benchmark index as it closed with 0.41% cut at 46384 level.

* India VIX closed with 1.57% gain at 14.11 level.

* Among Sectors NIFTYAUTO index performed better than the benchmark index as it closed with 0.45% gain while NIFTYIT index underperformed as it closed with 2.90% cut.

* Broader market performed in line with the benchmark index as both MIDCAP index and SMALLCAP index closed with 1.24% and 1.19% 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 higher yesterday. Asian Markets are largely trading higher today.

Intraday Market Outlook

* Benchmark index is likely to trade with positive bias today with support at 21700 - 21650 level and resistance at 22000 - 22050 level.

* Banking index is likely to trade in line with the benchmark index today with support at 46200 - 46000 level and resistance at 46800 - 47000 level.

* HDFCBANK 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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