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TECHNICAL OUTLOOK

* Benchmark index traded on a negative note before closing with 0.57% cut at 15976 level. Banking index underperformed the benchmark index as it closed with 0.87% cut at 34819 level

* India VIX closed with 0.16% cut at 18.52 level

* Among Sectors, PHARMA and FMCG index outperformed the benchmark index as they closed with 1.38% and 0.94% gains while ENERGY and BANKING index were the laggards as they closed with 1.48% and 0.87% cut. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.16% and 0.22% 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 after June US CPI came in higher than expectations yesterday. Asian Markets are trading mixed today

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile on weekly expiry day with support at 15850 - 15750 level and resistance at 16100 - 16200 level.

* Banking index is likely to trade in line with the benchmark index today with support at 34400 - 34100 level and resistance at 35200 - 35500 level.

* BHARTIARTL has closed with bearish candlestick formation below 21 EMA and it is likely to continue its negative momentum today as well.

BANK NIFTY (Daily) Chart

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