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TECHNICAL OUTLOOK

* Benchmark index opened on a positive note and traded volatile before closing with 0.06% minor gain at 16635 level. Banking index underperformed the benchmark index as it closed with 0.35% cut at 35586 level.

* India VIX closed with 2.35% gain at 13.50 level

* Among Sectors, ENERGY and PSE indices outperformed the benchmark index as they closed with 1% and 0.85% gains while REALTY and MEDIA index underperformed as they closed with 0.78% and 0.69% cut respectively. Broader market outperformed the benchmark index as both MID cap and small cap index closed with 0.32% and 0.79% gains respectively.

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

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

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade rangebound with volatility on monthly expiry day with support at 16500 - 16400 level and resistance at 16700 - 16800 level

* Banking index is likely to trade in line with the benchmark index today with support at 35200 - 35000 level and resistance at 35800 - 36000 level

* SBICARD has given fresh breakout and closed above previous swing high with Bullish candlestick formation. Breakout is accompanied by above average volumes and it is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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