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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.90% gain at 16170 level. Banking index outperformed the benchmark index as it closed with 2.20% gain at 35095 level  India VIX closed with 10.13% cut at 22.72 level

* Among Sectors, PSUBANK and METAL index outperformed the benchmark index as it closed with 3.16% and 2.67% gains while FMCG and ENERGY index were the laggards as they closed with 0.22% and 0.07% cut respectively. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 1.35% and 0.77% gains respectively.

* Advance/Decline ratio was in favour of advances 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) and US markets (DJIA) closed higher yesterday. Asian Markets are following suit and trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open higher and trade volatile today with support at 16000 - 15900 level and resistance at 16350 - 16400 level.

* Banking index is likely to trade in line with the benchmark index today with support at 34700 - 34500 level and resistance at 35500 - 35800 level.

* ICICIBANK has closed with bullish candlestick formation. Stock is trading above 21 EMA and it is likely to continue its positive momentum today as well.

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