Banking index is likely to trade in line with the benchmark index today with support at 45800 - 45500 level - Monarch Networth Capital
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TECHNICAL OUTLOOK
* Benchmark index traded volatile on weekly expiry before closing with 0.74% gain at 19979 level. Banking index performed slightly better than the benchmark index as it closed with 1.13% gain at 46187 level.
* India VIX closed with 1.59% gain at 11.78 level.
* Among Sectors PHARMA index outperformed the benchmark index as it closed with 1.46% gain while IT index underperformed as it closed with 0.66% cut.
* Broader market lagged the benchmark index as both MIDCAP and SMALLCAP index closed with 0.05% and 0.19% 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 higher yesterday. Asian Markets are trading mixed today.
Intraday Market Outlook
* Benchmark index is likely to trade volatile today with support at 19800 - 19750 level and resistance at 20050 – 20100 level
* Banking index is likely to trade in line with the benchmark index today with support at 45800 - 45500 level and resistance at 46600 - 46900 level.
* Maruti has closed with reversal candlestick formation above 21 EMA and it is likely to trade with positive bias today as well.
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