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TECHNICAL OUTLOOK

* Benchmark index opened gap down and traded volatile before closing with 1.07% cut at 15752 level. Banking index underperformed the benchmark index as it closed with 1.88% cut at 35079 level

* India VIX closed with 8.28% gain at 12.68 level

* Among Sectors, REALTY and PHARMA index outperformed the benchmark index as it closed with 0.43% and 0.24% gains respectively while METAL and PSUBANK index underperformed as they closed with 1.36% and 1.12% cut. Broader market traded mixed compared to the benchmark index as MID cap index closed with 0.81% cut while SMALL cap index closed with minor 0.03% gain

* 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) and US markets (DJIA) closed lower yesterday. Asian markets are following suit and trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 15625 - 15550 level and resistance at 15800 - 15900 level

* Banking index is likely to trade with mild negative bias today with support at 34700 - 34500 level and resistance at 35400 - 35700 level

* LUPIN has given fresh breakout from consolidation 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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