Banking index is likely to trade in line with the benchmark index today with support at 37500 - 37200 - Monarch Networth Capital
TECHNICAL OUTLOOK
* Benchmark index traded on a positive note before closing with 1.73% gain at 16930 level. Banking index traded in line with the benchmark index as it closed with 1.62% gain at 37378 level
* India VIX closed with 6.18% cut at 17.01 level
* Among Sectors, IT and REALTY index outperformed the benchmark index as they closed with 2.81% and 2.07% gains respectively. However, broader market underperformed the benchmark index as MIDCAP and SMALLCAP index closed with 0.84% and 0.85% gain respectively
* Advance/Decline ratio was in favour of Advances and cash turnover was higher than 5-day average. Both FII and DII were net buyers in the cash segment
* Both European markets (DAX) and US markets (DJIA) closed higher yesterday. Asian Markets are also trading with positive bias today.
NIFTY (Daily) Chart
Intraday Market Outlook
* Benchmark index is likely to open gap up on favourable global cues and trade with positive bias today with support at 17000 - 16900 level and resistance at 17200 - 17300 level
* Banking index is likely to trade in line with the benchmark index today with support at 37500 - 37200 and resistance at 38000-38300 level
* BHARATFORGE has closed with bullish candlestick formation with strong volume support. It is likely to continue its positive momentum today as well.
BANK NIFTY (Daily) Chart
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