Benchmark index closed with 1.01% cut at 17757 level - Monarch Networth Capital
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TECHNICAL OUTLOOK
* Benchmark index closed with 1.01% cut at 17757 level. Banking index performed better than the benchmark index as it closed with 0.50% cut at 37851 level
* India VIX closed with 0.17% minor cut at 17.79 level
* Among Sectors, PSE and METAL index outperformed the benchmark index as they closed with 0.58% and 0.52% gains while PHARMA and IT index underperformed as they closed with 1.66% cut each. Broader market slightly outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.16% and 0.05% cut respectively.
* Advance/Decline ratio was in favour of declines 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) closed higher while US markets (DJIA) closed lower yesterday. Asian Markets are trading lower today.
NIFTY (Daily) Chart
Intraday Market Outlook
* Benchmark index is likely to open lower and trade with negative bias today following weak global cues. Index has support at 17600 - 17500 level and resistance at 17900 - 18000 level.
* Banking index is likely to continue its outperformance vis-à-vis the benchmark index today. Banknifty has support at 37500 - 37300 level and resistance at 38200 - 38400 level.
* DIVISLAB has closed with bearish candlestick formation below 21 EMA. Stock is likely to continue its negative momentum today as well.
BANK NIFTY (Daily) Chart
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