Banking index is likely to trade in line with the benchmark index today - Monarch Networth Capital
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MARKET OVERVIEW
* Benchmark index traded on a negative note before closing with 1.94% cut at 17531 level. Banking index performed better than the benchmark index as it closed with 1.05% cut at 40777 level
* India VIX closed with 7.78% gain at 19.82 level
* Among Sectors, MEDIA and REALTY index were the laggards as they closed with 4.07% and 3.72% cut. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 2.84% and 2.56% 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 sellers in the cash segment
* European markets (DAX) and US markets (DJIA) closed lower on Friday. Asian Markets are trading lower today.
Intraday Market Outlook
* Benchmark index is likely to trade volatile today with support at 17400 - 17300 level and resistance at 17650 - 17750 level
* Banking index is likely to trade in line with the benchmark index today with support at 40300 - 40000 level and resistance at 41100 - 41400 level
* BPCL has closed with bearish candlestick formation below 21 EMA and it is likely to continue its negative momentum today as well.
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