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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias yesterday as it closed with 0.59% gain at 21743 level. Banking index outperformed the benchmark index as it closed with 1.38% gain at 45502 level.

* India VIX closed with 1.59% cut at 15.80 level.

* Among Sectors FINNIFTY index performed better than the benchmark index as it closed with 1.37% gain while NIFTYMETAL index underperformed as it closed with 2.07% cut.

* Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.34% and 0.17% gains respectively.

* Advance/Decline ratio was in favour of advances 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 the back of unfavourable global cues and trade with negative bias today. Index has support at 21550 - 21450 level and resistance at 21700 - 21750 level.

* Banking index is likely to trade in line with the benchmark index today with support at 45000 - 44700 level and resistance at 45500 - 45800 level.

* BPCL has closed with bearish candlestick and it is likely to trade with negative bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Charts

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