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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias on Friday as it closed with 1.14% gain at 21894 level. Banking index lagged the benchmark index as it closed with 0.57% gain at 47710 level.

* India VIX closed with 2.60% cut at 13.10 level.

* Among Sectors NIFTYIT index performed better than the benchmark index as it closed with 5.14% gain while NIFTYMETAL index underperformed as it closed with 0.65% cut.

* Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.36% and 0.41% gains respectively.

* Advance/Decline ratio was in favour of advances 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) closed higher while US markets (DJIA) closed lower on Friday. Asian Markets are largely trading with positive bias today.

Intraday Market Outlook

* Benchmark index is likely to open higher and trade with positive bias today. Index has support at 21800 - 21750 level and resistance at 22050 – 22100 level.

* Banking index is likely to trade in line with benchmark index today with support at 47500 - 47300 level and resistance at 48100 - 48300 level.

* ICICIBANK 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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