Benchmark index is likely to open higher and trade volatile within a broader range today - Monarch Networth Capital
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TECHNICAL OUTLOOK
Benchmark index traded on a negative note as it closed with 1.27% cut at 16954 level. Banking index outperformed the benchmark index as it closed with minor 0.10% gain at 36082 level
India VIX closed with 15.86% gain at 21.26 level
Among Sectors, BANKING index outperformed the benchmark index as it closed with 0.10% gain while REALTY and PSE index were the laggards as they closed with 3.76% and 3.30% cut. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.92% and 2.42% 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) while US markets (DJIA) recovered from lows and closed higher yesterday. Asian Markets are trading mixed today.
NIFTY (Daily) Chart
Intraday Market Outlook
Benchmark index is likely to open higher and trade volatile within a broader range today. Index has support at 16900 - 16800 level and resistance at 17150 - 17250 level.
Banking index is likely to trade with positive bias today with support at 35800 - 35500 level and resistance at 36700 - 37000 level.
ICICIBANK has closed with bullish candlestick formation above 21 EMA and it is likely to continue its positive price action today as well.
BANK NIFTY (Daily) Chart
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