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TECHNICAL OUTLOOK

* Benchmark index opened gap down and traded volatile before closing with 0.48% cut at 15691 level. Banking index underperformed the benchmark index as it closed with 1.14% cut at 34605 level

* India VIX closed with 2.82% gain at 15.29 level

* Among Sectors, IT and FMCG index outperformed the benchmark index as they closed with 0.57% and 0.14% gains respectively while METAL and REALTY index underperformed as they closed with 2.32% and 1.65% cut. Broader market traded in line with the benchmark index as MID cap and SMALL cap index closed with 1.23% and 0.53% 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 marginally 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 range bound with support at 15600 - 15500 level and resistance at 15800 - 15900 level

* Banking index is likely to trade in line with benchmark index with support at 34300 - 34000 level and resistance at 34900 - 35200 level

* TCS has closed with bullish candlestick formation above 21 EMA and it is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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