HEROMOTOCO has closed with reversal candlestick pattern, It is likely to trade with a positive bias today - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded volatile before closing with 0.51% cut at 24340 level yesterday. Banking index underperformed the benchmark index as it closed with 0.98% cut at 51807 level.
* India VIX closed with 6.85% gain at 15.51 level.
* Among Sectors NIFTYMEDIA outperformed the benchmark index as it closed with 2.34% gain while FINNIFTY underperformed as it closed with 1.32% cut.
* Broader market outperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.16% and 1.05% gains respectively.
* Advance/Decline ratio was in favour of declines and cash turnover was lower 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 lower yesterday. Asian Markets are following suit and largely trading lower today.
Intraday Market Outlook
* Benchmark index is likely to open lower and trade volatile on monthly expiry today. Index has support at 24150 - 24100 level and resistance at 24500 - 24550 level.
* Banking index is likely to perform in line with benchmark index today with support at 51300 - 51000 level and resistance at 52200 - 52500 level.
* HEROMOTOCO has closed with reversal candlestick pattern. It is likely to trade with a positive bias today
NIFTY (Daily) Chart
BANK NIFTY (Daily) Chart
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