Banking index is likely to trade in line with the benchmark index today with support at 43100 - Monarch Networth Capital
TECHNICAL OUTLOOK
* Benchmark index traded volatile before closing with 0.10% cut at 18297 level. Banking index performed slightly better than the benchmark index as it closed with 0.33% gain at 43475 level.
* India VIX closed with 1.01% gain at 13.21 level.
* Among Sectors NIFTYMNC index outperformed the benchmark index as it closed with 0.82% gain while PHARMA index underperformed as it closed with 1.26% cut. Broader market traded slightly better than the benchmark index as both MIDCAP and SMALLCAP index closed with 0.36% and 0.68% gains respectively.
* Advance/Decline ratio was in favour of advances and cash turnover was higher than 5-day average. FII were net buyers while DII were net sellers in the cash segment.
* European markets (DAX) and US markets (DJIA) closed lower yesterday. Asian Markets are largely trading lower today.
Intraday Market Outlook
* Benchmark index is likely to open lower on weak global cues and trade volatile today. Index has support at 18150 - 18100 level and resistance at 18400 – 18450 level
* Banking index is likely to trade in line with the benchmark index today with support at 43100 - 42900 level and resistance at 43800 - 44000 level.
* UBL has closed above 21EMA with bullish candlestick and it is likely to trade with positive bias today as well.
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