Banking index is likely to follow benchmark index today with support at 34900 - 34700 level - Monarch Networth Capital
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TECHNICAL OUTLOOK
* Benchmark index closed with 0.69% gain at 17073 level. Banking index lagged the benchmark index as it closed with 0.46% gain at 35191 level.
* India VIX closed with 4.52% cut at 15.83 level
* Among Sectors, REALTY and PSE indices outperformed the benchmark index as they closed with 2.31% and 1.86% gains while MEDIA and METAL were the laggards as they closed with 1.10% and 0.02% cut respectively. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.90% and 1.27% gain.
* 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 higher today.
NIFTY (Daily) Chart
Intraday Market Outlook
* Benchmark index is likely to trade with mild positive bias today. Nifty has support at 17000 - 16900 level and resistance at 17250 - 17300 level.
* Banking index is likely to follow benchmark index today with support at 34900 - 34700 level and resistance at 35700 - 35900 level.
* INFOSYS has closed at all-time high with bullish candlestick formation. Stock is trading above 21 EMA and it is likely to continue its positive momentum today as well.
BANK NIFTY (Daily) Chart
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