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TECHNICAL OUTLOOK

* Benchmark index closed with 0.44% gain at 15778 level on monthly expiry day. Banking index performed in line with the benchmark index as it closed with 0.46% gain at 34692 level

* India VIX closed with 5.41% cut at 12.95 level

* Among Sectors, METAL and PSUBANK index outperformed the benchmark index as they closed with 5.02% and 3.25% gains while FMCG and AUTO index underperformed as they closed with 1.02% and 0.44% cut respectively. Broader market performed better than the benchmark index as MID cap and SMALL cap index closed with 0.72% and 0.91% gain 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) and US markets (DJIA) closed with gains yesterday. However, Asian markets are largely lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade rangebound today with support at 15650 - 15550 level and resistance at 15850 - 16950 level

* Banking index is likely to trade in line with benchmark index today with support at 34300 - 34000 level and resistance at 35000 - 35300 level

* SBIN has closed with bullish candlestick formation above 21 EMA and it is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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