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TECHNICAL OUTLOOK

* Benchmark index traded with negative bias yesterday before closing with 0.97% cut at 21718 level. Banking index underperformed the benchmark index as it closed with 1.76% cut at 45012 level.

* India VIX closed with 2.08% gain at 15.82 level.

* Among Sectors NIFTYPSUBANK index performed better than the benchmark index as it closed with 2.0% gain while NIFTYFMCG index underperformed as it closed with 2.06% cut.

* Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.05% and 0.39% cut respectively.

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

* European markets (DAX) and US markets (DJIA) closed higher yesterday. However, Asian Markets are largely trading lower today.

Intraday Market Outlook

* Benchmark index is likely to trade with negative bias today. Index has support at 21550 - 21500 level and resistance at 21800 - 21850 level.

* Banking index is likely to trade in line with the benchmark index today with support at 44600 - 44400 level and resistance at 45300 - 45500 level.

* AXISBANK 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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