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TECHNICAL OUTLOOK

Benchmark index traded on a negative note as it closed with 1.63% cut at 16411 level. Banking index lagged the benchmark index as it closed with 1.82% cut at 34591 level  India VIX closed with 4.73% gain at 21.25 level

Among Sectors, ENERGY index outperformed the benchmark index as it closed with 0.19% gains while REALTY and IT index were the laggards as they closed with 3.56% and 2.27% cut. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.79% and 2.53% 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) and US markets (DJIA) closed lower on Friday. Asian Markets are following suit and trading lower today

NIFTY (Daily) Chart

Intraday Market Outlook

Benchmark index is likely to open gap down and trade volatile today. Index has support at 16200 - 16100 level and resistance at 16500 - 16600 level.

Banking index is likely to trade in line with the benchmark index today with support at 34000 - 33600 level and resistance at 34700 - 35000 level.

DEEPAKNTR has given fresh breakdown from consolidation and closed with bearish candlestick formation. Stock is trading below 21 EMA and it is likely to continue its negative price action today as well.

BANK NIFTY (Daily) Chart

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