Index has support at 22200 - 22150 level and resistance at 22500 - 22550 level - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded range bound yesterday before closing unchanged at 22302 level. Banking index underperformed the benchmark index as it closed with 0.55% cut at 48021 level.
* India VIX closed with 0.43% gain at 17.08 level.
* Among Sectors NIFTYPSE index performed better than the benchmark index as it closed with 2.39% gain while FINNIFTY index underperformed as it closed with 0.53% cut.
* Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.73% and 0.57% 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 higher yesterday. Asian Markets are trading mixed today.
Intraday Market Outlook
* Benchmark index is likely to witness recovery and trade with positive bias today. Index has support at 22200 - 22150 level and resistance at 22500 - 22550 level.
* Banking index is likely to trade in line with the benchmark index today with support at 47700 - 47500 level and resistance at 48500 - 48700 level.
* BEL has closed with bullish candlestick and it is likely to trade with positive bias today.
NIFTY (Daily) Chart
BANK NIFTY (Daily) Chart
Please refer disclaimer at https://www.mnclgroup.com/disclaimer
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