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TECHNICAL OUTLOOK

*  Benchmark index traded volatile yesterday before closing with 0.12% gain at 22529 level. Banking index underperformed in line with the benchmark index as it closed with 0.31% cut at 48048 level.

*  India VIX closed with 6.26% gain at 21.81 level.

*  Among Sectors NIFTYMETAL index performed better than the benchmark index as it closed with 3.88% gain while NIFTYFMCG index underperformed as it closed with 0.45% cut.

*  Broader market performed mixed as MIDCAP index closed with 0.38% gain while SMALLCAP index closed with 0.41% cut.

*  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 lower while US markets (DJIA) closed higher yesterday. Asian Markets are largely trading higher today.

Intraday Market Outlook

*  Benchmark index is likely to trade range bound today. Index has support at 22400 - 22350 level and resistance at 22700 - 22750 level.

*  Banking index is likely to trade in line with the benchmark index today with support at 47700 -47500 level and resistance at 48500 - 48700 level.

*  TECHM closed with positive candlestick pattern and it is likely to trade with positive bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

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