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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.27% gain at 15722 level. Banking index performed in line with the benchmark index as it closed with 0.36% gain at 34810 level

* India VIX closed with 5.84% cut at 12.09 level

* Among Sectors, PHARMA and REALTY index outperformed the benchmark index as they closed with 0.60% and 0.53% gains respectively while METAL index underperformed as it closed with 1.49% cut. Broader market performed better as MID cap and SMALL cap index closed with 0.51% and 1.07% gain respectively

* Advance/Decline ratio was in favour of advances and cash turnover was higher 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 yesterday. Asian markets are following suit and largely trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with mild positive bias today with support at 15650 - 15550 level and resistance at 15900 - 16000 level

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

* RELIANCE has closed with bullish candlestick formation and it is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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