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TECHNICAL OUTLOOK

* Benchmark index traded in a narrow range before closing with 0.26% cut at 15680 level. Banking index performed in line with the benchmark index as it closed with 0.25% cut at 34684 level

* India VIX closed with 1.61% cut at 12.84 level

* Among Sectors, PHARMA and AUTO index outperformed the benchmark index as they closed with 0.93% and 0.82% gains respectively while IT and ENERGY index underperformed as they closed with 0.57% cut each. Broader market traded mixed as MID cap index closed with 0.33% cut while SMALL cap index closed with 0.66% gain

* Advance/Decline ratio was in favour of advances 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 higher yesterday. However, Asian markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade range bound with support at 15600 - 15500 level and resistance at 15800 - 15900 level

* Banking index is likely to trade in line with benchmark index with support at 34300 - 34000 level and resistance at 35000 - 35300 level

* DRREDDY 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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