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TECHNICAL OUTLOOK

* Benchmark index opened lower and traded volatile before closing with 0.71% cut at 16451 level. Banking index lagged the benchmark index as it closed with 1.46% cut at 35034 level.

* India VIX closed with 8.60% gain at 14.02 level

* Among Sectors, FMCG outperformed the benchmark index as it closed with 2.27% gain while METAL and PSUBANK index underperformed as they closed with 6.43% and 3.44% cut respectively. Broader market underperformed the benchmark index as MID cap index and small cap index closed with 1.99% and 2.16% 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 on Friday. Asian markets are following suit and trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open higher and trade volatile today with support at 16450 - 16350 level and resistance at 16650 - 16750 level

* Banking index is likely to trade in line with the benchmark index today with support at 35000 - 34700 level and resistance at 35500 - 35800 level

* PETRONET has witnessed sharp reversal from lower levels accompanied with above average volumes. It has managed to close 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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