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TECHNICAL OUTLOOK

* Benchmark index traded range bound yesterday before closing with 0.22% cut at 22356 level. Banking index outperformed the benchmark index as it closed with 0.26% gain at 47581 level.

* India VIX closed with 3.64% cut at 14.38 level.

* Among Sectors NIFTYPSUBANK index performed better than the benchmark index as it closed with 2.56% gain while NIFTYIT index underperformed as it closed with 1.59% cut.

* Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.27% and 1.24% cut respectively.

* Advance/Decline ratio was in favour of declines and cash turnover was higher 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 trading mixed today.

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 22250 - 22200 level and resistance at 22450 - 22500 level.

* Banking index is likely to trade in line with the benchmark index today with support at 47200 - 47000 level and resistance at 47800 - 48000 level.

* HDFCBANK 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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