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TECHNICAL OUTLOOK

* Benchmark index opened on a negative note and traded lower before closing with 0.42% cut at 15748 level. Banking index underperformed the benchmark index as it closed with 0.99% cut at 35010 level

* India VIX closed with 2.99% cut at 13.00 level

* Among Sectors, PHARMA and FMCG index outperformed the benchmark index as they closed with 0.58% and 0.50% gains respectively while PSU BANK and METAL index underperformed as they closed with 1.48% and 1.22% cut. Broader market performed in line with the benchmark index as MID cap and SMALL cap index closed with 0.50% and 0.14% cut respectively

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

* European markets (DAX) closed higher while US markets (DJIA) closed flat yesterday. Asian markets are largely trading with mild positive bias today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade rangebound with support at 15650 - 15550 level and resistance at 15900 - 16000 level

* Banking index is likely to trade in line with benchmark index with support at 34700 - 34400 level and resistance at 35400 - 35700 level

* TATAELXSI 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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