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TECHNICAL OUTLOOK

* Benchmark index traded on a positive note as it closed with 1.13% gain at 16352 level. Banking index outperformed the benchmark index as it closed with 1.48% gain at 35613 level

* India VIX closed with 5.46% cut at 21.48 level

* Among Sectors, IT and MEDIA index outperformed the benchmark index as they closed with 2.54% and 2.49% gains while PSE and ENERGY index were the laggards as they closed with 1.23% and 0.97% cut respectively. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 1.38% and 1.36% gains respectively.

* 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 on Friday. Asian Markets are following suit and trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with positive bias today on the back of favourable global cues. Index has support at 16250 - 16150 level and resistance at 16500 - 16600 level.

* Banking index is likely to trade in line with the benchmark index today with support at 35400 - 35100 level and resistance at 36200 - 36500 level.

* KOTAKBANK has closed with bullish candlestick formation. Stock is trading above 21 EMA and it is likely to continue its positive momentum today as well.

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