Banking index is likely to trade in line with benchmark index today with support at 42300 - 42100 level - Monarch Networth Capital
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/12/cc5c4a731c11d5ae8d4e8a14fd97fcf5.jpg)
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TECHNICAL OUTLOOK
* Benchmark index traded with positive bias before closing with 1.17% gain at 18015 level. Banking index outperformed the benchmark index as it closed with 2.31% gain at 42630 level.
* India VIX closed with 1.41% cut at 15.93 level.
* Among Sectors PSUBANK index outperformed the benchmark index as it closed with 7.29% gain while PHARMA underperformed the benchmark index as they closed with 0.84% cut. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 2.31% and 3.13% 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) were shut yesterday. Asian Markets are trading with gains today.
Intraday Market Outlook
* Benchmark index is likely to trade with mild positive bias today with support at 17900 - 17850 level and resistance at 18150 – 18200 level.
* Banking index is likely to trade in line with benchmark index today with support at 42300 - 42100 level and resistance at 43000 - 43200 level.
* HDFC has closed above 21day EMA with bullish candlestick and it is likely to continue its positive momentum today as well.
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