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TECHNICAL OUTLOOK

* Benchmark index opened on a positive note and traded higher before closing with 0.76% gain at 15812 level. Banking index outperformed the benchmark index as it closed with 1.35% gain at 35673 level

* India VIX closed with 2.85% cut at 12.62 level

* Among Sectors, BANKING and PSUBANK index outperformed the benchmark index as it closed with 1.35% and 0.78% gains while IT and FMCG index underperformed as they closed with 0.32% and 0.18% cut. Broader market performed in line with benchmark index as MID cap and SMALL cap index closed with 0.21% and 1.03% gains respectively

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

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

NIFTY (Daily) Chart

Intraday Market Outlook

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

* Banking index is likely to trade in line with the benchmark index with support at 35300 - 35000 level and resistance at 36000 - 36300 level

* AXISBANK 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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