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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.37% gain at 15350 level. Banking index underperformed the benchmark index as it closed with 0.18% cut at 32685 level

* India VIX closed with 1.54% cut at 22.41 level

* Among Sectors, FMCG and IT index outperformed the benchmark index as they closed with 1.80% and 0.87% gains while METAL and PSE were the laggards as they closed with 3.90% and 3.08% cut respectively. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 2.26% and 3.20% cut.

* 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) closed higher while US markets (DJIA) were shut on account of holiday yesterday. Asian Markets are largely trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to witness further short covering today although volatility can remain elevated. Index has support at 15200 - 15100 level and resistance at 15500 - 15600 level.

* Banking index is likely to trade in line with the benchmark index today with support at 32300 - 32000 level and resistance at 33100 - 33400 level.

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

BANK NIFTY (Daily) Chart

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