Banking index is likely to trade in line with the benchmark index today with support at 45800 - Monarch Networth Capital
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TECHNICAL OUTLOOK
? Benchmark index traded with positive bias as it closed with 0.50% gain at 19778 level. Banking index traded in line with the benchmark index as it closed with 0.47% gain at 46062 level.
? India VIX closed with 2.1% gain at 10.45 level.
? Among Sectors PSUBANK index outperformed the benchmark index as it closed with 1.5% gain while AUTO index underperformed as it closed with 0.01% cut.
? Broader market performed in line with the benchmark index as MIDCAP index and SMALLCAP index closed with 0.34% and 0.22% gains respectively.
? Advance/Decline ratio was in favour of advances and cash turnover was lower than 5-day average. Both FII and DII were net buyers in the cash segment.
? European markets (DAX) closed lower while US markets (DJIA) closed higher post US FOMC decision. Asian Markets are largely trading higher today.
Intraday Market Outlook
? Benchmark index is likely to open higher and trade volatile on monthly expiry today. Index has support at 19700 - 19650 level and resistance at 19900 – 19950 level
? Banking index is likely to trade in line with the benchmark index today with support at 45800 - 45600 level and resistance at 46400 - 46600 level.
? ITC has closed above 21EMA with bullish candlestick and it is likely to trade with positive bias today as well.
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