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TECHNICAL OUTLOOK

Benchmark index traded volatile as it closed with 0.38% cut at 16240 level. Banking index outperformed the benchmark index as it closed with 0.60% gain at 34483 level

India VIX closed with 1.23% gain at 22.30 level

Among Sectors, BANKING and FMCG index outperformed the benchmark index as it closed with 0.60% and 0.49% gains while METAL and ENERGY index were the laggards as they closed with 5.20% and 3.59% cut. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.87% and 2.24% 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) closed higher while 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 within a broader range today. Index has support at 16100 - 16000 level and resistance at 16400 - 16500 level.

Banking index is likely to trade in line with the benchmark index today with support at 34000 - 33700 level and resistance at 35000 - 35300 level.

KOTAKBANK 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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