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TECHNICAL OUTLOOK

* Benchmark index opened gap-down and traded with negative bias before closing with 2.64% cut at 15774 level. Banking index underperformed the benchmark index as it closed with 3.13% cut at 33406 level

* India VIX closed with 14.25% gain at 22.37 level  Among Sectors, IT and MEDIA index underperformed the benchmark index as they closed with 4.12% and 3.97% cut. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 2.89% and 3.88% cut respectively.

* Advance/Decline ratio was in favor 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 with sharp cuts yesterday. Asian Markets are following suit and trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open lower and trade volatile today following weak global cues. Index has support at 15600 - 15500 level and resistance at 15900 - 16000 level.

* Banking index is likely to trade in line with the benchmark index today with support at 32800 - 32500 level and resistance at 33700 - 34000 level.

* JINDALSTEL has closed with bearish candlestick formation. Stock is trading below 21 EMA and it is likely to continue its negative price action today as well.

BANK NIFTY (Daily) Chart

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