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TECHNICAL OUTLOOK

* Benchmark index opened gap up and traded higher before closing with 1.23% gain at 15824 level. Banking index traded volatile and closed with 0.76% gain at 34677 level

* India VIX closed with 9.99% cut at 11.89 level

* Among Sectors, METAL and IT index outperformed the benchmark index as they closed with 2.99% and 1.80% gains respectively while FMCG and AUTO index underperformed as they closed with minor 0.09% and 0.13% gains respectively. Broader market performed in line with the benchmark index as both MID cap and SMALL cap index closed with 1.14% and 1.47% gain

* 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 higher while US markets (DJIA) recovered from lows and closed with minor gains yesterday. Asian markets are trading mixed 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 rangebound today with support at 34300 - 34000 level and resistance at 35000 - 35300 level

* IPCALAB has given breakout from consolidation 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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