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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias on Wednesday before closing with 0.49% gain at 22753 level. Banking index performed in line with the benchmark index as it closed with 0.53% gain at 48986 level.

* India VIX closed with 2.18% cut at 11.10 level.

* Among Sectors NIFTYMEDIA index performed better than the benchmark index as it closed with 1.80% gain while NIFTYPHARMA index underperformed as it closed with 0.34% cut.

* Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.97% and 0.73% 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) closed lower while US markets (DJIA) closed flat yesterday. Asian Markets are trading mixed today.

Intraday Market Outlook

* Benchmark index is likely to open lower on unfavourable global cues and trade volatile today. Index has support at 22600 - 22550 level and resistance at 22800 - 22850 level.

* Banking index is likely to trade in line with the benchmark index today with support at 48500 - 48300 level and resistance at 49100 - 49300 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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