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TECHNICAL OUTLOOK

* Benchmark index opened on a positive note and traded volatile on RBI monetary policy day before closing with 0.35% minor cut at 16238 level. Banking index performed in line with the benchmark index as it closed with 0.07% cut at 35809 level.

* India VIX closed with 2.02% cut at 12.61 level

* Among Sectors, PSE and AUTO index outperformed the benchmark index as they closed with 0.38% and 0.24% gains while REALTY and PHARMA index underperformed as they closed with 0.96% and 0.43% cut respectively. Broader market performed slightly better compared to the benchmark index as MID cap index and Small cap index closed with 0.06% and 0.04% minor gain

* 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) 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 rangebound today with support at 16150 - 16050 level and resistance at 16350 - 16450 level

* Banking index is likely to trade in line with the benchmark index today with support at 35500 - 35300 level and resistance at 36200 - 36400 level

* SIEMENS 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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