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TECHNICAL OUTLOOK

* Benchmark index recovered from lows and closed higher with 0.95% gain at 16013 level. Banking index performed in line with the benchmark index as it closed with 0.87% gain at 33158 level

* India VIX closed with 2.52% cut at 28.59 level

* Among Sectors, REALTY and MEDIA index performed better as they closed with 3.25% and 2.76% gains while METAL and PSE index underperformed as they closed with 1.48% and 0.22% cut. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.24% and 1.51% 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) closed flat while US markets (DJIA) closed lower yesterday. However, Asian Markets are largely trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to continue its recovery today albeit with high volatility. Index has support at 15850 - 15750 level and resistance at 16200 - 16300 level

* Banking index is likely to trade in line with benchmark index with support at 32700 - 32400 level and resistance at 33700 - 34000 level.

* DIVISLAB has closed with bullish candlestick formation and it is likely to continue it positive momentum today as well.

BANK NIFTY (Daily) Chart

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