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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias as it closed with 1.53% gain at 16595 level. Banking index outperformed the benchmark index as it closed with 1.95% gain at 34476 level

* India VIX closed with 6.88% cut at 25.58 level

* Among Sectors, FMCG and PSUBANK index outperformed better as they closed with 3.03% and 2.33% gains while IT index underperformed as it closed with 0.12% cut. Broader market lagged the benchmark index as both MIDCAP and SMALLCAP index closed with 0.91% and 1.40% gains 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 lower yesterday. Asian Markets are following suit and trading lower today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 16400 - 16300 level and resistance at 16750 - 16850 level.

* Banking index is likely to trade in line with benchmark index with support at 33900 - 33600 level and resistance at 35000 - 35300 level.

* COLPAL has closed with bullish candlestick formation with above average volumes and is likely to continue it positive momentum today as well.

BANK NIFTY (Daily) Chart

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