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TECHNICAL OUTLOOK

* Benchmark index reacted negatively to the surprise RBI rate hike as it closed with 2.29% cut at 16678 level. Banking index lagged the benchmark index as it closed with 2.49% cut at 35265 level

* India VIX closed with 7.89% gain at 21.88 level

* Among Sectors, PSE index outperformed the benchmark index as it closed with 0.16% gain while MEDIA and REALTY index were the laggards as they closed with 4.29% and 3.27% cut. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 2.12% and 2.35% cut 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) closed lower while US markets (DJIA) witnessed sharp recovery and closed near day’s high post US Fed rate hike decision. Asian Markets are trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to witness relief rally today after three days of consecutive decline. Index has support at 16600 - 16500 level and resistance at 16900- 17000 level.

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

* KOTAKBANK has closed above 21 EMA and it is likely to continue its positive price action today as well.

BANK NIFTY (Daily) Chart

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