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TECHNICAL OUTLOOK

* Benchmark index has given a fresh breakout above 16000 after long period of consolidation. Nifty closed with 1.55% gain at 16131 level. Banking index broadly traded in line with benchmark index as it closed with 1.43% gain at 35207 level

* India VIX closed with 7.34% gain at 13.75 level

* Among Sectors, FMCG and AUTO index outperformed the benchmark index as they closed with 1.73% and 1.56% gains respectively while METAL index underperformed as it closed with 0.05% cut. Broader market lagged the benchmark index as MID cap index closed with 0.05% gain while SMALL cap index closed with 0.24% cut

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

* European markets (DAX) closed with minor cut while US markets (DJIA) closed higher yesterday. Asian markets are largely higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with positive bias today with support at 16000 - 15900 level and resistance at 16250-16350 level

* Banking index is likely to trade in line with benchmark index today with support at 35000 - 34700 level and resistance at 35700 - 36000 level

* BANKBARODA reversed in last few trading sessions after taking support at 77 levels and now trading above immediate consolidation. It 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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