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TECHNICAL OUTLOOK

* Benchmark index opened gap down and continued its downside momentum before closing with 4.8% cut at 16248 level. Banking index underperformed the benchmark index as it closed with 5.8% cut at 35228 level

* India VIX closed with 30% gain at 32 level

* Among Sectors, PSUBANK and REALTY index underperformed as they closed with 8.3% and 7.2% cut respectively. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 5.7% and 6.2% cut respectively.

* 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) recovered sharply from lower level and closed with gains yesterday. Asian Markets are trading higher today, following recovery in US markets.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to witness recovery today after sharp sell off in previous session however, volatility can remain at an elevated level. Index has support at 16200 - 16000 level and resistance at 16600 - 16800 level

* Banking index is likely to trade in line with the benchmark index today with support at 35000 - 34500 level and resistance at 36200-36500 level.

* HINDALCO has shown resilience in yesterday’s sell off and is likely to outperform the broader market today.

BANK NIFTY (Daily) Chart

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