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TECHNICAL OUTLOOK

* Benchmark index traded on a positive note as it closed with 2.89% gain at 16266 level. Banking index performed in line with the benchmark index as it closed with 2.88% gain at 34276 level

* India VIX closed with 5.94% cut at 23.10 level  Among Sectors, MEDIA and REALTY index outperformed the benchmark index as they closed with 4.47% and 4.21% gains. Broader market lagged the benchmark index as both MIDCAP and SMALLCAP index closed with 2.20% and 2.51% gain 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) closed higher while US markets (DJIA) recovered from lows and closed flat on Friday. Asian Markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 16100 - 16000 level and resistance at 16450 - 16600 level.

* Banking index is likely to trade in line with the benchmark index today with support at 33900 - 33600 level and resistance at 34700 - 35000 level.

* ADANIPORT has closed with bullish candlestick formation. Stock is likely to continue its positive momentum today as well

BANK NIFTY (Daily) Chart

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