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TECHNICAL OUTLOOK

* Benchmark index traded on a positive note before closing with 1.10% gain at 16521 level. Banking index underperformed the benchmark index as it closed with 0.70% gain at 35972 level

* India VIX closed with 2.21% cut at 16.82 level

* Among Sectors, IT and FMCG index outperformed the benchmark index as they closed with 2.93% and 1.13% gains while MEDIA and AUTO index were the laggards as they closed with 0.43% and 0.22% cut. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.19% and 0.81% gains respectively

* Advance/Decline ratio was in favour of advances and cash turnover was higher than 5-day average. FII were net buyer while DII were net sellers in the cash segment

* European markets (DAX) closed lower while US markets (DJIA) closed higher yesterday. Asian Markets are trading mixed today

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 16400 - 16300 level and resistance at 16650- 16750 level

* Banking index is likely to trade in line with the benchmark index today with support at 35600 - 35300 level and resistance at 36300 - 36500 level

* DABUR 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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