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TECHNICAL OUTLOOK

* Benchmark index opened gap up and traded higher before closing with 0.73% gain at 15690 level. Banking index performed in line with benchmark index as it closed with 0.78% gain at 35649 level

* India VIX closed with 8.48% cut at 15.75 level

* Among Sectors, REALTY and INFRA index outperformed the benchmark index as they closed with 3.79% and 1.15% gains respectively while PHARMA index underperformed as it closed with 0.26% cut. Broader market performed in line with the benchmark index as MID cap and SMALL cap index closed with 0.94% and 1.21% gains respectively

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

* European markets (DAX) closed with marginal gains while US markets (DJIA) closed with marginal loss yesterday. Asian markets are largely trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade rangebound with support at 15600 - 15500 and resistance at 15800 - 15900 level

* Banking index is likely to trade volatile today ahead of MPC policy announcement with support at 35300 - 35000 and resistance at 36000 - 36500 level

* DMART 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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