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TECHNICAL OUTLOOK

* Benchmark index opened on a positive note and traded volatile before closing with 0.17% gain at 15773 level. Banking index underperformed the benchmark index as it closed with 0.36% cut at 34745 level

* India VIX closed with 2.12% cut at 14.74 level

* Among Sectors, AUTO index outperformed the benchmark index as it closed with 1.34% gain while REALTY and BANKING index lagged as they closed with 0.68% and 0.36% cut. Broader market performed better as MID cap and SMALL cap index closed with 0.10% and 0.52% gains respectively

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

* European markets (DAX) and US markets (DJIA) recovered from the lows and closed with minor gains yesterday. Asian markets are trading with mild positive bias today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade range bound 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 34300 - 34000 level and resistance at 35000 - 35300 level

* LT 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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