Banking index is likely to trade in line with the benchmark index today with support at 35000 - 34800 level - Monarch Networth Capital
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/12/bfa66a5275a2a564dc633719fe9c49f2.jpg)
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TECHNICAL OUTLOOK
* Benchmark index closed with 1.53% cut at 16985 level. Banking index underperformed the benchmark index as it closed with 2.54% cut at 35619 level.
* India VIX closed with 2.77% gain at 16.34 level
* Among Sector, IT index outperformed the benchmark index as it closed with 1.35% gain while MEDIA and REALTY were the laggards as they closed with 4.74% and 3.93% cut respectively. Broader market performed in line with the benchmark index as both MIDCAP index and SMALLCAP index closed with 2.40% and 2.48% cut.
* Advance/Decline ratio was in favour of advances 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 following suit and trading lower today as investors await key inflation data in US later today.
NIFTY (Daily) Chart
Intraday Market Outlook
* Benchmark index is likely to open on a negative note following adverse global cues although Nifty is likely to find support at 16800-16750. On upside Nifty has resistance at 17100 - 17200 level.
* Banking index is likely to trade in line with the benchmark index today with support at 35000 - 34800 level and resistance at 35800 - 36000 level.
* EXIDEIND has closed with bearish candlestick formation with above average volumes. Stock is trading below 21 EMA and it is likely to continue its negative price action today as well.
BANK NIFTY (Daily) Chart
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