Benchmark index is likely to trade volatile today with support at 17400 - 17300 level - Monarch Networth Capital
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TECHNICAL OUTLOOK
* Benchmark index traded volatile before closing with minor 0.02% cut at 17539 level. Banking index outperformed the benchmark index as it closed with 0.30% gain at 39421 level ? India VIX closed with 1.61% cut at 19.55 level
* Among Sectors, MEDIA and FMCG index outperformed the benchmark index as they closed with 0.50% and 0.39% gains while ENERGY and PSUBANK index lagged as they closed with 0.75% and 0.67% cut respectively. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.36% and 0.17% 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) closed higher while US markets (DJIA) closed lower on Friday. Asian Markets are trading mixed today.
Intraday Market Outlook
* Benchmark index is likely to trade volatile today with support at 17400 - 17300 level and resistance at 17650 - 17750 level
* Banking index is likely to trade in line with the benchmark index today with support at 39000 - 38700 level and resistance at 39700 - 40000 level
* ITC has closed with bullish candlestick formation above 21 EMA and it is likely to continue its positive momentum today as well.
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