Banking index is likely to trade in line with the benchmark index today with support at 45200 - 45000 level - Monarch Networth Capital
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TECHNICAL OUTLOOK
* Benchmark index traded volatile before closing with 0.07% cut at 19646 level. Banking index lagged the benchmark index as it closed with 0.46% cut at 45468 level.
* India VIX closed with 3.59% cut at 10.13 level.
* Among Sectors REALTY index outperformed the benchmark index as it closed with 1.83% gain while IT index underperformed as it closed with 0.86% cut.
* Broader market outperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.55% and 0.49% 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) and US markets (DJIA) closed higher on Friday. Asian Markets are following suit and trading higher today
Intraday Market Outlook
* Benchmark index is likely to trade with mild positive bias today with support at 19550 - 19500 level and resistance at 19800 – 19850 level
* Banking index is likely to trade in line with the benchmark index today with support at 45200 - 45000 level and resistance at 45800 - 46000 level.
* HEROMOTOCO has closed above 21EMA with bullish candlestick and it is likely to trade with positive bias today as well.
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