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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.38% gain at 16341 level. Banking index outperformed the benchmark index as it closed with 1.02% gain at 35720 level

* India VIX closed with 0.23% gain at 17.20 level

* Among Sectors, REALTY and PSUBANK index outperformed the benchmark index as they closed with 2.55% and 2.29% gains while MEDIA and PHARMA index were the laggards as they closed with 0.34% and 0.25% cut. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.67% and 1.02% gains respectively.

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

* European markets (DAX) and US markets (DJIA) closed higher yesterday. Asian Markets are following suit and trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open gap up on the back of supportive global cues. Nifty is likely to trade with positive bias today with support at 16300 - 16200 level and resistance at 16600- 16700 level.

* Banking index is likely to trade in line with the benchmark index today with support at 35500 - 35200 level and resistance at 36200 - 36500 level.

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

BANK NIFTY (Daily) Chart

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