Banking index is likely to trade in line with the benchmark index today with support at 44100 - 43900 level - Monarch Networth Capital
TECHNICAL OUTLOOK
* Benchmark index traded with negative bias on weekly expiry as it closed with 0.74% cut at 19382 level. Banking index lagged the benchmark index as it closed with 1.07% cut at 44513 level.
* India VIX closed with 0.82% cut at 11.18 level.
* Among Sectors PHARMA index outperformed the benchmark index as it closed with 1.04% gain while REALTY index underperformed as it closed with 1.78% cut.
* Broader market outperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.14% and 0.23% gains respectively.
* Advance/Decline ratio was in favour of declines 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 yesterday. Asian Markets are trading mixed today.
Intraday Market Outlook
* Benchmark index is likely to trade rangebound today with support at 19300 - 19250 level and resistance at 19500 – 19550 level
* Banking index is likely to trade in line with the benchmark index today with support at 44100 - 43900 level and resistance at 44900 - 45100 level.
* ABFRL has closed above 21EMA with bullish candlestick and it is likely to trade with positive bias today as well.
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