Benchmark index is likely to open gap up and trade volatile today. Index has support at 17800 - 17700 - Monarch Networth Capital
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/10/32cfc6bac98ca88ebc99f3868ad7635e.jpg)
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MARKET OVERVIEW
Benchmark index traded volatile before closing with 0.28% gain at 17787 level. Banking index underperformed the benchmark index as it closed with 0.75% cut at 40990 level.
India VIX closed with 4.07% cut at 15.92 level.
Among Sectors, Auto index outperformed the benchmark index as it closed with 1.63% gain while METAL and PHARMA index underperformed the benchmark index as they closed with 1.46% and 1.36% cut respectively. Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP closed with 0.41% and 0.62% cut respectively.
Advance/Decline ratio was in favour of advances and cash turnover was lower than 5-day average. FII were net buyers while DII were net sellers in the cash segment
European markets (DAX) and US markets (DJIA) closed higher on Friday. However, Asian Markets are trading mixed today.
NIFTY (Daily) Chart
Intraday Market Outlook
Benchmark index is likely to open gap up and trade volatile today. Index has support at 17800 - 17700 level and resistance at 18000 - 18100 level
Banking index is likely to trade in line with benchmark index today with support at 41000 - 40800 level and resistance at 41500 - 41800 level.
RELIANCE has closed above 21EMA with bullish candlestick formation and is likely to continue its positive momentum today as well.
BANK NIFTY (Daily) Chart
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