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TECHNICAL OUTLOOK

Benchmark index opened gap up and traded higher before closing with 0.79% gain at 16259 level. Banking index has given fresh breakout from the consolidation as it closed with 2.33 % gain at 36028 level.

India VIX closed with 3.93% cut at 13.21 level

Among Sectors, BANKING index outperformed the benchmark index as it closed with 2.33% gain while REALTY and MNC index underperformed as they closed with 1.67% and 1.05% cut respectively. Broader market lagged the benchmark index as MID cap and Small cap index closed with 1.19% and 1.01% cut.

Advance/Decline ratio was in favour of declines 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 higher while US markets (DJIA) closed lower yesterday. Asian markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

Benchmark index is likely to consolidate today after three days of successive gains. Nifty has support at 16150 - 16050 level and resistance at 16350 - 16450 level

Banking index is likely to trade with mild positive bias today with support at 35800 - 35600 level and resistance at 36500 - 36700 level

AXISBANK has closed positive for third consecutive day. It 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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