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TECHNICAL OUTLOOK

* Benchmark index traded on a negative note as it closed with 2.65% cut at 15809 level. Banking index performed in line with the benchmark index as it closed with 2.48% cut at 33316 level

* India VIX closed with 10.13% gain at 24.56 level

* Among Sectors, IT and METAL index underperformed the benchmark index as they closed with 5.74% and 4.08% cut. Broader market lagged the benchmark index as both MIDCAP and SMALLCAP index closed with 2.99% and 2.68% 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) and US markets (DJIA) closed lower yesterday. However, Asian Markets are trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to stage recovery today following supportive global cues. Index has support at 15750- 15650 level and resistance at 16050 - 16200 level.

* Banking index is likely to trade in line with the benchmark index today with support at 33200 - 33000 level and resistance at 34000 - 34300 level.

* ITC has closed with bullish candlestick formation above 21 EMA. It is likely to continue its positive momentum today as well.

BANK NIFTY (Daily) Chart

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