Banking index is likely to trade in line with the benchmark index today with support at 37400 - 37200 level - Monarch Networth Capital
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/01/b94261d838e58b930e9b5fdd27a2f404.jpg)
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TECHNICAL OUTLOOK
* Benchmark index gave up gains from higher levels and closed with minor 0.05% cut at 17102 level. Banking index underperformed the benchmark index as it closed with 0.77% cut at 37689 level
* India VIX closed with 1.76% cut at 20.70 level
* Among Sectors, IT and PHARMA index outperformed as they closed with 1.13% and 1.05% gains while BANKING and AUTO index lagged as they closed with 0.77% and 0.59% cut respectively. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.50% and 0.95% 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) closed lower while US markets (DJIA) closed near day’s high on Friday. Asian Markets are trading higher today.
NIFTY (Daily) Chart
Intraday Market Outlook
* Benchmark index is likely to trade with positive bias today with support at 17000 - 16900 level and resistance at 17350 - 17450 level.
* Banking index is likely to trade in line with the benchmark index today with support at 37400 - 37200 level and resistance at 38400- 38600 level.
* TATACHEM has closed with bullish candlestick formation accompanied by above average volumes and it is likely to continue its positive momentum today as well.
BANK NIFTY (Daily) Chart
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