Index has support at 24150 - 24100 level and resistance at 24450 - 24500 level - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded range bound yesterday before closing with 0.01% cut at 24320 level. Banking index underperformed the benchmark index as it closed with 0.45% cut at 52425 level.
* India VIX closed with 7.13% cut at 13.60 level.
* Among Sectors NIFTYFMCG index performed better than the benchmark index as it closed with 1.63% gain while NIFTYPSUBANK index underperformed as it closed with 1.60% cut.
* Broader market performed in line with the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.35% and 0.17% cut respectively.
* Advance/Decline ratio was in favour of declines and cash turnover was higher than 5-day average. Both FII and DII were net buyers in the cash segment.
* European markets (DAX) and US markets (DJIA) closed almost flat yesterday. Asian Markets are largely trading higher today.
Intraday Market Outlook
* Benchmark index is likely to trade range bound today. Index has support at 24150 - 24100 level and resistance at 24450 - 24500 level.
* Banking index is likely to trade in line with the benchmark index today with support at 52000 - 51800 level and resistance at 52800 - 53000 level.
* HDFCLIFE closed with bullish candlestick pattern and it is likely to trade with positive bias today.
NIFTY (Daily) Chart
BANK NIFTY (Daily) Chart
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