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TECHNICAL OUTLOOK

* Benchmark index traded volatile on 18th August before closing with 0.28% cut at 16569 level. Banking index lagged the benchmark index as it closed with 0.87% cut at 35555 level.

* India VIX closed with 3.73% cut at 12.91 level

* Among Sectors, FMCG and MNC indices outperformed the benchmark index as they closed with 0.69% and 0.37% gains while BANKING and METAL index underperformed as they closed with 0.87% and 0.81% cut respectively. Broader market traded with mixed bias compared to the benchmark index as MID cap closed with 0.29% gain and small cap index closed with 0.26% cut

* Advance/Decline ratio was in favour of declines and cash turnover was lower than 5 day average. Both FII and DII were net sellers in the cash segment

* European markets (DAX) closed lower while US markets (DJIA) closed with minor cut yesterday. However, Asian markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index will open gap down today and is likely to trade volatile during the day with support at 16250 - 16150 level and resistance at 16450 - 16550 level

* Banking index will open gap down and is likely to trade with negative bias today with support at 35000 - 34700 level and resistance at 35700 - 36000 level

* LICHSGFIN is in lower top lower bottom formation and has closed with Bearish candlestick formation below 21 EMA and it is likely to continue its downside momentum today as well

BANK NIFTY (Daily) Chart

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