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TECHNICAL OUTLOOK

* Benchmark index traded range bound yesterday before closing with 0.42% cut at 22004 level. Banking index lagged the benchmark index as it closed with 0.56% cut at 46600 level. 

* India VIX closed with 4.91% gain at 12.82 level. 

* Among Sectors NIFTYREALTY index performed better than the benchmark index as it closed with 1.57% gain and NIFTYMEDIA index underperformed as it closed with 1.66% cut. 

* Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.05% and 0.41% gains 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) closed higher while US markets (DJIA) closed with minor cut yesterday. Asian Markets are trading mixed today.

Intraday Market Outlook

* Benchmark index is likely to trade range bound today with support at 21900 - 21850 level and resistance at 22100 - 22150 level. 

* Banking index is likely to trade in line with the benchmark index today with support at 46300 - 46100 level and resistance at 46900 - 47100 level. 

* AXISBANK has closed with bullish candlestick and it is likely to trade with positive bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Charts

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