Benchmark index is likely open lower due to unfavourable global cues and trade volatile today - Monarch Networth Capital
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MARKET OVERVIEW
* Benchmark index traded volatile before closing with 0.14% gain at 17512 level. Banking index traded in line with the benchmark index as it closed with 0.14% gain at 40373 level. ? India VIX closed with 0.20% gain at 17.48 level.
* Among Sectors, FMCG index outperformed the benchmark index as it closed with 0.40% gain while IT and METAL index underperformed the benchmark index as they closed with 0.90% and 0.67% cut respectively. Broader market traded in line with benchmark index as MIDCAP index closed with 0.13% gain while SMALLCAP closed with 0.03% cut.
* Advance/Decline ratio was in favour of declines 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) and US markets (DJIA) closed lower yesterday. Asian Markets are following suit and trading lower today.
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Intraday Market Outlook
* Benchmark index is likely open lower due to unfavourable global cues and trade volatile today. Index has support at 17300 - 17200 level and resistance at 17500 - 17600 level
* Banking index is likely to trade in line with benchmark index today with support at 39800 - 39500 level and resistance at 40500 - 40800 level
* ICICIGI has closed below 21EMA with bearish candlestick formation and is likely to continue its negative momentum today as well.
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