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TECHNICAL OUTLOOK

* Benchmark index traded volatile yesterday before closing with 0.69% cut at 21995 level. Banking index underperformed the benchmark index as it closed with 0.87% cut at 47069 level.

* India VIX closed with 3.37% gain at 13.04 level.

* Among Sectors NIFTYMEDIA index performed better than the benchmark index as it closed with 0.77% gain and NIFTYPSE index underperformed as it closed with 1.26% cut.

* Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.49% and 0.28% 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) closed higher while US markets (DJIA) closed flat yesterday. Asian Markets are trading lower today.

Intraday Market Outlook

* Benchmark index is likely to open lower on unfavourable global cues and trade volatile today. Index has support at 21600 - 21500 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 47000 - 47200 level.

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

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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