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TECHNICAL OUTLOOK

* Benchmark index traded on a negative note before closing with 0.88% cut at 16484 level. Banking index performed in line with the benchmark index as it closed with 0.87% cut at 36409 level

* India VIX closed with 2.77% gain at 18.17 level

* Among Sectors, MEDIA index outperformed the benchmark index as it closed with 0.86% gain while IT and FMCG index were the laggard as they closed with 2.83% and 1.39% cut. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.25% and 1.48% 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

* Both European markets (DAX) and US markets (DJIA) closed lower yesterday. Asian Markets are trading mixed today

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 16350 - 16250 level and resistance at 16550 - 16650 level

* Banking index is likely to trade in line with the benchmark index today with support at 36000 - 35700 level and resistance at 36600 - 36900 level

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

BANK NIFTY (Daily) Chart

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