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TECHNICAL OUTLOOK

* Benchmark index opened on a positive note and traded higher before closing with 0.24% gain at 15338 level. Banking index outperformed the benchmark index as it closed with 1.18% gain at 35095 level

* India VIX closed with 4.60% cut at 19.91 level

* Among Sectors, PSUBANK and BANKING index outperformed the benchmark index as it closed with 2.85% and 1.18% gains respectively while REALITY index lagged as it closed with 1.19% cut. Broader market outperformed the benchmark index as MID cap index and SMALL cap index closed with 0.54% and 1.01% gains

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

* European markets (DAX) closed with minor cut while US markets (DJIA) closed with minor gain yesterday. However, Asian markets are trading higher today 

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with mild positive bias with support at 15300 - 15200 and resistance at 15450 - 15550 level

* Banking index is likely to trade in line with the benchmark index with support at 34800 - 34500 and resistance at 35600 - 36000 level

* MCDOWELL 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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