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TECHNICAL OUTLOOK

* Benchmark index traded with positive bias as it closed with 2.07% gain at 16345 level. Banking index performed in line with the benchmark index as it closed with 1.98% gain at 33815 level

* India VIX closed with 3.92% cut at 27.47 level

* Among Sectors, MEDIA and REALTY index performed better as they closed with 4.05% and 3.05% gains while PSE and METAL index underperformed as they closed with 0.43% and 0.34% cut. Broader market performed slightly better than the benchmark index as both MIDCAP and SMALLCAP index closed with 2.16% and 2.38% gains respectively.

* 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 with sharp gains yesterday. Asian Markets are following suit and trading higher today as crude oil prices fell sharply overnight

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open gap up and trade with positive bias today. Index has support at 16300 - 16200 level and resistance at 16700 - 16800 level.

* Banking index is likely to trade in line with benchmark index with support at 33600 - 33400 level and resistance at 35000 - 35300 level.

* TATAMOTORS 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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