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Published on 16/09/2022 9:55:25 AM | Source: Monarch Networth Capital Ltd

Benchmark index is likely to open lower on the back of weak global cues and trade volatile today - Monarch Networth Capital

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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.70% cut at 17877 level. Banking index performed slightly better than the benchmark index as it closed with 0.47% cut at 41209 level

* India VIX closed with 0.60% gain at 18.39 level

* Among Sectors, ENERGY and AUTO index outperformed the benchmark index as they closed with 0.78% and 0.71% gains while MEDIA and IT index underperformed as they closed with 2.18% and 1.43% cut respectively. Broader market traded mixed as MIDCAP index closed with 0.38% gain and SMALLCAP index closed with 0.02% cut

* Advance/Decline ratio was in favour of declines and cash turnover was higher 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 trading lower today

Intraday Market Outlook

* Benchmark index is likely to open lower on the back of weak global cues and trade volatile today. Index has support at 17700 - 17600 level and resistance at 18000 - 18100 level

* Banking index is likely to trade in line with the benchmark index today with support at 40800 - 40500 level and resistance at 41500 - 41800 level

* COFORGE has closed with bearish candlestick formation below 21 EMA and it is likely to continue its negative momentum today as well.

 

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