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TECHNICAL OUTLOOK

* Benchmark index opened on a positive note and traded higher before closing with 0.52% gain at 15752 level. Banking index performed in line with benchmark index as it closed with 0.43% gain at 35444 level

* India VIX closed with 2.32% cut at 15.57 level

* Among Sectors, ENERGY and PSE index outperformed the benchmark index as they closed with 1.85% and 1.83% gains respectively while METAL index lagged as it closed with 0.44% cut. Broader market performed better as MID cap and SMALL cap indices closed with 1.24% and 1.56% gains respectively

* 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) and US markets (DJIA) closed with marginal cuts yesterday. Asian markets are trading with mild gains today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade rangebound with support at 15700 - 15600 and resistance at 15900 - 16000 level

* Banking index is likely to trade range bound with support at 35000 - 34700 and resistance at 35800 - 36000 level

* TCS 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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