Banking index lagged the benchmark index as it closed with 0.63% cut at 35867 level - Monarch Networth Capital
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TECHNICAL OUTLOOK
* Benchmark index closed with 0.31% gain at 16615 level. Banking index lagged the benchmark index as it closed with 0.63% cut at 35867 level.
* India VIX closed with 0.37% cut at 13.41 level
* Among Sectors, IT and FMCG indices outperformed the benchmark index as they closed with 2.57% and 1.42% gains while METAL and PSUBANK index underperformed as they closed with 2.30% and 1.79% cut respectively. Broader market traded with mixed bias compared to the benchmark index as MID cap closed with 0.33% gain and small cap index closed with 0.25% cut
* Advance/Decline ratio was in favour of advances 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) closed nearly flat while US markets (DJIA) closed lower yesterday. However, Asian markets are trading largely higher today.
NIFTY (Daily) Chart
Intraday Market Outlook
* Benchmark index is likely to trade with mild positive bias today with support at 16500 - 16400 level and resistance at 16750 - 16850 level
* Banking index is likely to trade in line with benchmark index today with support at 35600 - 35400 level and resistance at 36300 - 36500 level
* TITAN has closed above previous swing high with above average volumes. It has given fresh breakout on daily chart with Bullish candlestick formation above 21 EMA and it is likely to continue its upside momentum today as well
BANK NIFTY (Daily) Chart
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