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TECHNICAL OUTLOOK

* Benchmark index opened gap up and traded higher before closing with 0.71% gain at 15834 level. Banking index outperformed the benchmark index as it closed with 1.16% gain at 35212 level

* India VIX closed with 0.17% cut at 12.07 level

* Among Sectors, REALTY and METAL index outperformed the benchmark index as they closed with 2.73% and 1.16% gains respectively while IT and PHARMA index underperformed as they closed with 0.20% and 0.01% cut. Broader market performed in line with the benchmark index as MID cap and SMALL cap index closed with 0.53% and 0.79% gains respectively

* Advance/Decline ratio was in favour of advances 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 with minor gains while US markets (DJIA) were shut due to holiday yesterday. Asian markets are trading with mild positive bias today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade rangebound today with support at 15700 - 15600 level and resistance at 15900 - 16000 level

* Banking index is likely to trade in line with benchmark index with support at 34800 - 34500 level and resistance at 35500 - 35800 level

* PAGEIND 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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