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TECHNICAL OUTLOOK

* Benchmark index traded with negative bias yesterday before closing with 1.51% cut at 21997 level. Banking index performed better than the benchmark index as it closed with 0.64% cut at 46981 level.

* India VIX closed with 5.83% gain at 14.43 level.

* Among Sectors NIFTYFMCG index performed better than the benchmark index as it closed with 0.05% gain while NIFTYPSE index underperformed as it closed with 6.65% cut.

* Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 4.40% and 5.28% cut respectively.

* Advance/Decline ratio was in favour of decline 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 flat while US markets (DJIA) closed with minor gain yesterday. Asian Markets are trading mixed today.

Intraday Market Outlook

* Benchmark index is likely to trade volatile on weekly expiry today with support at 21850 - 21800 level and resistance at 22150 - 22200 level.

* Banking index is likely to trade in line with the benchmark index today with support at 46700 - 46500 level and resistance at 47300 - 47500 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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