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TECHNICAL OUTLOOK

* Benchmark index opened higher and traded volatile before closing with 0.28% gain at 16496 level. Banking index performed in line with the benchmark index as it closed with 0.26% gain at 35124 level.

* India VIX closed with 2.35% cut at 13.69 level

* Among Sectors, IT outperformed the benchmark index as it closed with 1.70% gain while MEDIA and AUTO index underperformed as they closed with 1.70% and 1.47% cut respectively. Broader market underperformed the benchmark index as both MID cap and small cap index closed with 0.86% and 1.85% cut

* Advance/Decline ratio was in favour of declines 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) and US markets (DJIA) closed higher yesterday. Asian markets are following suit and trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with positive bias today with support at 16400 - 16300 level and resistance at 16650 - 16750 level

* Banking index is likely to trade in line with the benchmark index today with support at 34800 - 34600 level and resistance at 35500 - 35700 level

* ICICIGI has closed with Bullish candlestick formation below 21 EMA and it is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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