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TECHNICAL OUTLOOK

* Benchmark index closed with 0.9% cut at 16416 level. Banking index traded in line with benchmark index as it closed with 0.9% cut at 34996 level

* India VIX closed with 1% gain at 20.4 level

* Among Sectors, PSE and AUTO index outperformed the benchmark index as they closed with 1% and 0.5% gains respectively while IT and FMCG index underperformed as they closed with 1.5% cut each. Broader market lagged as SMALLCAP and MIDCAP index closed with 0.6% and 0.7% cut respectively.

* 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) closed lower while US markets (DJIA) recovered from lows and closed higher yesterday. Asian Markets are largely trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open higher but trade volatile ahead of RBI MPC decision today. Index has support at 16400 - 16250 level and resistance at 16600 - 16700 level.

* Banking index is likely to trade in line with benchmark index today with support at 34800 - 34400 level and resistance at 35500 - 35800 level.

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

BANK NIFTY (Daily) Chart

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