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TECHNICAL OUTLOOK

* Benchmark index opened gap up and continued to trade higher before closing with 1.01% gain at 16529 level. Banking index lagged the benchmark index as it closed with 0.65% gain at 36169 level.

* India VIX closed with 5.01% gain at 12.99 level 

* Among Sectors, IT and FMCG indices outperformed the benchmark index as they closed with 1.35% and 0.88% gains while MEDIA and REALTY index underperformed as they closed with 0.93% and 0.92% cut respectively. Broader market underperformed the benchmark index as MID cap and small cap index closed with 0.30% and 0.39% cut

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

* European markets (DAX) closed higher while US markets (DJIA) closed nearly flat on Friday. However, Asian markets are trading largely lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade rangebound today with support at 16400 - 16300 level and resistance at 16600 - 16700 level

* Banking index is likely to trade in line with benchmark index today with support at 35800 - 35600 level and resistance at 36400 - 36600 level

* LT has given fresh breakout from broad consolidation and closed with Bullish candlestick formation above previous swing high. It closed above 21 EMA on daily chart with above average volumes and it is likely to maintain its upside momentum today as well

BANK NIFTY (Daily) Chart

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