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TECHNICAL OUTLOOK

* Benchmark index traded on a positive note before closing with 0.69% gain at 16049 level. Banking index underperformed the benchmark index as it closed with minor 0.09% gain at 34683 level

* India VIX closed with 4.03% cut at 17.60 level

* Among Sectors, AUTO and FMCG index outperformed the benchmark index as they closed with 2.03% and 1.47% gains while METAL and PSUBANK index were the laggards as they closed with 0.81% and 0.43% cut. Broader market traded in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.77% and 0.34% 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 open gap up on the back of supportive global cues. Index is likely to trade with positive bias today with support at 16000 - 15900 level and resistance at 16250 - 16350 level.

* Banking index is likely to trade in line with the benchmark index today with support at 34500 - 34200 level and resistance at 35200 - 35500 level.

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

BANK NIFTY (Daily) Chart

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