Benchmark index is likely to consolidate today with support at 16600 - 16500 level - Monarch Networth Capital
TECHNICAL OUTLOOK
* Benchmark index traded on a positive note before closing with 0.69% gain at 16719 level. Banking index outperformed the benchmark index as it closed with 1.49% gain at 36739 level
* India VIX closed with 1.25% cut at 16.65 level
* Among Sectors, BANKING and PSUBANK index outperformed the benchmark index as they closed with 1.49% and 0.60% gains while PSE and IT index were the laggards as they closed with 0.78% and 0.62% cut respectively. Broader market traded mixed as MIDCAP index closed flat while SMALLCAP index closed with 0.37% gain.
* 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 buyer in the cash segment
* European markets (DAX) closed marginally higher while US markets (DJIA) closed lower on Friday. Asian Markets are trading mixed today
NIFTY (Daily) Chart
Intraday Market Outlook
* Benchmark index is likely to consolidate today with support at 16600 - 16500 level and resistance at 16850 - 16950 level
* Banking index is likely to trade volatile today with support at 36500 - 36200 level and resistance at 37000 - 37300 level
* AMBUJACEM has closed with bullish candlestick formation above 21 EMA and it is likely to continue its positive momentum today as well.
BANK NIFTY (Daily) Chart
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Nifty has also managed to hold above the support derived from 34 days EMA - HDFC Securities