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TECHNICAL OUTLOOK

* Benchmark index traded on a negative note as it closed with 2.22% cut at 15808 level. Banking index underperformed the benchmark index as it closed with 3.35% cut at 33532 level

* India VIX closed with 6.45% gain at 24.27 level  Among Sectors, PSUBANK and METAL index underperformed the benchmark index as they closed with 5.39% and 3.70% cut. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 2.33% and 1.87% 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) and US markets (DJIA) closed lower yesterday. However, Asian Markets are trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to stage recovery today after witnessing sell off in previous five consecutive trading sessions. Index has support at 15700 - 15600 level and resistance at 16000 - 16150 level.

* Banking index is likely to trade in line with the benchmark index today with support at 33300 - 33000 level and resistance at 34000 - 34500 level.

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

BANK NIFTY (Daily) Chart

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