IGI Logo

TECHNICAL OUTLOOK

* Benchmark index closed with 2.91% cut at 17026 level. Banking index underperformed the benchmark index as it closed with 3.58% cut at 36026 level.

* India VIX closed with 24.85% gain at 20.80 level

* Among Sectors, PHARMA index outperformed the benchmark index as it closed with 1.70% gain while REALTY and METAL index lagged as they closed with 6.26% and 5.34% cut respectively. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 3.25% and 2.89% cut. 

* Advance/Decline ratio (Nifty stocks) was in favour of declines and cash turnover was higher 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 lower on Friday. Asian markets are trading with minor cuts today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Nifty can stage a comeback after sharp sell off in the last week but volatility can remain elevated given the uncertainty about the new Coronavirus variant. Index has support at 16850 - 16750 level and resistance at 18250 – 18300 level.

* Banking index is likely to trade in line with benchmark index today with support at 35600 - 35400 level and resistance at 36500 - 36800 level 

* HINDUNILVR has bounced from support levels with above average volumes and it is likely to continue its upside momentum today as well.

BANK NIFTY (Daily) Chart

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at  https://www.mnclgroup.com/disclaimer

SEBI Registration Number : INZ000043833

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer