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TECHNICAL OUTLOOK

* Benchmark index opened on a positive note and traded volatile before closing with 0.44% gain at 15860 level. Banking index outperformed the benchmark index as it closed with 1.54% gain at 35365 level 

* India VIX closed with 11.46% cut at 13.37 level

* Among Sectors, PSU BANK and METAL index outperformed the benchmark index as they closed with 2.64% and 2.61% gains respectively while FMCG and ENERGY index underperformed as they closed with 0.65% and 0.59% cut. Broader market outperformed the benchmark index as MID cap and SMALL cap index closed with 1.10% and 0.54% gains respectively

* Advance/Decline ratio was in favour of advances and Cash turnover was higher 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 higher on Friday. However, Asian markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with mild positive bias today with support at 15800 - 15700 level and resistance at 16000 - 16100 level

* Banking index is likely to trade in line with the benchmark index with support at 35000 - 34700 level and resistance at 35800 - 36200 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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