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TECHNICAL OUTLOOK

* Benchmark index opened on a positive note and traded higher before closing with 0.61% gain at 15301 level. Banking index underperformed the benchmark index as it closed with 0.06% minor gain at 34684 level

* India VIX closed with 10.77% gain at 20.87 level

* Among Sectors, REALITY index outperformed the benchmark index as it closed with 2.84% gain while METAL and ENERGY index lagged as they closed with 1.86% and 1.13% cut, respectively. Broader market performed in line with the benchmark index as MID cap index and SMALL cap index closed with 0.08% and 0.60% gains

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

* Global markets witnessed consolidation as European markets (DAX) closed with minor cut while US markets (DJIA) closed with minor gain yesterday. Asian markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile within a range on May expiry day. Index has support at 15200 - 15100 and resistance at 15400 - 15500 level

* Banking index is likely to trade in line with the benchmark index with support at 34300 - 34000 and resistance at 35000 - 35300 level

* INFY 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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