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TECHNICAL OUTLOOK

* Benchmark index opened on negative note and traded lower before closing with 0.64% cut at 15768 level. Banking index traded in line with the benchmark index as it closed with 0.69% cut at 35004 level

* India VIX closed with 1.78% gain at 14.87 level

* Among Sectors, FMCG and IT index outperformed the benchmark index as they closed with 0.58% and 0.25% gains respectively while METAL and REALTY index lagged as they closed with 2.85% and 1.26% cut. Broader market traded in line with the benchmark index as MID cap and SMALL cap index closed with 0.93% and 0.52% cut 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 yesterday while US markets (DJIA) reacted negatively after US Fed in its meeting raised inflation expectations and forecast rate hikes as early as 2023. Asian markets are following suit and trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with mild negative bias toady with support at 15600 - 15500 level and resistance at 15800 - 15900 level

* Banking index is likely to trade in line with the benchmark index with support at 34500 - 34200 level and resistance at 35200 - 35500 level

* VEDL has closed with bearish candlestick formation below 21 EMA and it is likely to continue its downside momentum today as well

BANK NIFTY (Daily) Chart

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