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TECHNICAL OUTLOOK

* Benchmark index traded volatile on June monthly expiry day before closing with 0.66% gain at 15790 level. Banking index performed in line with the benchmark index as it closed with 0.73% gain at 34827 level

* India VIX closed with 1.76% cut at 15.10 level

* Among Sectors, IT index outperformed the benchmark index as it closed with 2.79% gain while PSUBANK and ENERGY index underperformed as they closed with 1.40% and 1.35% cut. Broader market lagged as MID cap closed with 0.28% cut while SMALL cap index closed with 0.04% minor gain

* 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 yesterday. Asian markets are following suit and trading with mild positive bias today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with mild positive bias today with support at 15700 - 15600 level and resistance at 15900 - 16000 level

* Banking index is likely to trade in line with the benchmark index with support at 34500 - 34200 level and resistance at 35300 - 35600 level

* ICICIBANK has closed 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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