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TECHNICAL OUTLOOK

* Benchmark index closed at new high on weekly expiry day and closed with 0.50% gain at 16364 level. Banking index lagged the benchmark index as it closed with 0.36% gain at 35937 level. 

* India VIX closed with 2.68% cut at 12.37 level

* Among Sectors, MEDIA and IT indices outperformed the benchmark index as they closed with 2.28% and 1.82% gains while PHARMA index underperformed as it closed with 1.11% cut. Broader market performed better than the benchmark index as MID cap and small cap index closed with 1.01% and 2.12% gains respectively

* Advance/Decline ratio was in favour of advances and cash turnover was lower than 5 day average. FII were net sellers while DII were net buyers in the cash segment

* European markets (DAX) closed higher while US markets (DJIA) closed nearly flat yesterday. However, Asian markets are trading largely lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with mild positive bias today with support at 16250 - 16150 level and resistance at 16500 - 16600 level

* Banking index is likely to trade in line with benchmark index today with support at 35700 - 35500 level and resistance at 36300 - 36500 level

* TATAPOWER has shown strong reversal on charts and is likely to maintain its upside momentum today as well

BANK NIFTY (Daily) Chart

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