Banking index is likely to perform in line with benchmark index today with support at 50700 - 50500 level and resistance at 51600 - 51800 level - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded with negative bias before closing with 0.89% cut at 24749 level yesterday. Banking index performed in line with the benchmark index as it closed with 0.99% cut at 51288 level.
* India VIX closed with 2.57% gain at 13.38 level.
* Among Sectors NIFTYIT outperformed the benchmark index as it closed with 1.19% gain while NIFTYAUTO underperformed as it closed with 3.54% cut.
* Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 1.66% and 1.24% cut respectively.
* Advance/Decline ratio was in favour of declines and cash turnover was higher than the 5-day average. FII were net sellers while DII were net buyers in the cash segment.
* Both European markets (DAX) and US markets (DJIA) closed higher yesterday. However, Asian Markets are trading mixed today.
Intraday Market Outlook
* Benchmark index is likely to open lower and trade volatile today. Index has support at 24550 - 24500 level and resistance at 24900 - 24950 level.
* Banking index is likely to perform in line with benchmark index today with support at 50700 - 50500 level and resistance at 51600 - 51800 level.
* BHEL has closed with bearish candlestick pattern. It is likely to trade with a negative bias today.
NIFTY (Daily) Chart
BANK NIFTY (Daily) Chart
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