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TECHNICAL OUTLOOK

* Benchmark index opened on a positive note and traded volatile before closing with 0.29% cut at 15815 level. Banking index performed slightly better compared to the benchmark index as it closed with 0.01% cut at 35359 level

* India VIX closed with 0.22% gain at 13.40 level

* Among Sectors, PSU BANK and METAL index outperformed the benchmark index as they closed with 2.40% and 1.28% gains respectively while ENERGY and IT index underperformed as they closed with 0.51% and 0.49% cut. Broader market performed better as MID cap and SMALL cap index closed with 0.53% and 0.37% gains respectively

* Advance/Decline ratio was in favour of declines 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) closed lower yesterday. Asian markets are following suit and trading largely lower 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 benchmark index with support at 35000 - 34700 level and resistance at 35700 - 36000 level

* CADILAHC 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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