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TECHNICAL OUTLOOK

* Benchmark index opened higher and gave up gains before closing with minor 0.03% gain at 16683 level. Banking index traded in line with the benchmark index as it closed with 0.09% cut at 35233 level

* India VIX closed with 7.27% cut at 20.29 level

* Among Sectors, IT and METAL index outperformed the benchmark index as they closed with 2.07% and 0.62% gains while REALTY and PHARMA index were the laggards as they closed with 1.62% and 0.77% cut respectively. Broader market traded mixed as MIDCAP index closed with 0.10% gain while SMALLCAP index closed with 0.75% cut

* Advance/Decline ratio was in favour of declines 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) and US markets (DJIA) closed lower yesterday. 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 with negative bias following weak global cues. Index has support at 16400 - 16250 level and resistance at 16700 - 16800 level.

* Banking index is likely to trade in line with the benchmark index today with support at 34400 - 34000 level and resistance at 35300 - 35500 level.

* MUTHOOTFIN has given fresh breakdown from consolidation and closed below previous swing low 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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