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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 1.23% cut at 16663 level. Banking index performed slightly better than the benchmark index as it closed with 0.82% cut at 35023 level

* India VIX closed with 4.09% gain at 26.73 level  Among Sectors, AUTO and FMCG index outperformed as they closed with 0.57% and 0.17% gains while METAL and IT index underperformed as they closed with 4.07% and 2.58% cut respectively. Broader market traded in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.87% and 1.41% cut respectively.

* Advance/Decline ratio was in favour of declines and cash turnover was higher than 5-day average. FII were net sellers while DII were net buyers in the cash segment

* European markets (DAX) closed with minor cut while US markets (DJIA) closed near day’s high yesterday. Asian Markets are trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with positive bias today with support at 16600 - 16500 level and resistance at 16900 - 17000 level.

* Banking index is likely to trade in line with benchmark index with support at 34700 - 34500 level and resistance at 35700 - 36000 level.

* POLYCAB has closed with bullish candlestick formation above 21 EMA and is likely to continue it positive momentum today as well.

BANK NIFTY (Daily) Chart

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