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TECHNICAL OUTLOOK

* Benchmark index traded volatile on expiry day before closing with 0.96% cut at 15728 level. Banking index underperformed the benchmark index as it closed with 1.39% cut at 35274 level

* India VIX closed with 11.06% gain at 13.56 level

*Among Sectors, IT index performed slightly better compared to the benchmark index and closed flat while METAL and PSUBANK index underperformed as they closed with 2.19% and 1.96% cut. Broader market performed better than the benchmark index as both MID cap and SMALL cap index closed with 0.42% and 0.04% cut respectively

* 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) and US markets (DJIA) closed lower yesterday. Asian markets are following suit and trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with negative bias today following weak global cues. Index has support at 15550 - 15450 level and resistance at 15800 - 15900 level

* Banking index is likely to trade with negative bias today with support at 34800 - 34500 level and resistance at 35500 - 35800 level

* AMBUJACEM 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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