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TECHNICAL OUTLOOK

* Benchmark index opened on a negative note and continued its downside momentum before closing with 1.7% cut at 16207 level. Banking index performed in line with benchmark index as it closed with 1.7% cut at 34483 level

* India VIX closed with 2.3% gain at 19.6 level

* Among Sectors, IT index underperformed the benchmark index as it closed with 2.2% cut while AUTO index performed better as it closed flat. MIDCAP index closed with 0.8% cut.

* Advance/Decline ratio was in favor 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 with sharp cuts on Friday post higher than expected US CPI data. Asian Markets are following suit and trading lower 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 15850 - 15700 level and resistance at 16250 - 16350 level.

* Banking index is likely to trade in line with benchmark index today with support at 33700 - 33300 level and resistance at 34500 - 34800 level.

* FSL has given a breakdown from the range and closed below 21 EMA with higher-than-average volume. It is likely to continue its downside momentum today as well

BANK NIFTY (Daily) Chart

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