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TECHNICAL OUTLOOK

* Benchmark index opened on a negative note but recovered sharply from lower level before closing with 0.7% gain at 16478 level. Banking index lagged as it closed with 0.4% gain at 35085 level.

* India VIX closed with 3.5% cut at 19.1 level

* Among Sectors, PHARMA index outperformed the benchmark index as it closed with 1.2% gain while METAL index underperformed as it closed with 1.3% cut. MIDCAP and SMALLCAP index closed with 0.5% and 0.2% gains respectively

* Advance/Decline ratio was in favour of advances 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 negative today

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open lower following weak global cues and trade with negative bias today. Index has support at 16200 - 16050 level and resistance at 16500 - 16600 level.

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

* TATASTEEL is trading below 21 EMA level and it has closed with bearish candlestick formation. It is likely to continue its downside momentum today as well

BANK NIFTY (Daily) Chart

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