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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.76% cut at 15632 level. Banking index underperformed the benchmark index as it closed with 1.89% cut at 34415 level

* India VIX closed with 4.18% gain at 13.21 level

* Among Sectors, FMCG index performed better than the benchmark index as it closed with minor 0.14% gain while REALTY and METAL index underperformed as they closed with 2.53% and 2.34% cut respectively. Broader market performed in line with the benchmark index as both MID cap and SMALL cap index closed with 1.44% and 1.41% cut

* Advance/Decline ratio was in favour of declines 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 trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to recover today after two days of successive losses following positive global cues. Index has support at 15550 - 15450 level and resistance at 15800 - 15900 level

* Banking index is likely to continue its underperformance vis-a-vis Nifty and trade volatile today with support at 34100 - 33900 level and resistance at 34700 - 35000 level

* GUJGASLTD has given fresh breakout from consolidation with bullish candlestick formation above 21 EMA and it is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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