Benchmark index is likely to open higher on the back of favourable global cues - Monarch Networth Capital
TECHNICAL OUTLOOK
* Benchmark index traded with positive bias as it closed with 0.48% gain at 18015 level. Banking index lagged the benchmark index as it closed with 0.20% gain at 41731 level.
* India VIX closed with 4.40% cut at 12.86 level.
* Among Sectors REALTY index outperformed the benchmark index as it closed with 1.30% gain while FMCG index underperformed the benchmark index as it closed with 0.39% cut. Broader market performed in line with the benchmark index as both MIDCAP and SAMLLCAP index closed with 0.69% and 0.36% gain respectively.
* Advance/Decline ratio was in favour of advances and cash turnover was lower than 5-day average. Both FII and DII were net buyers in the cash segment
* European markets (DAX) and US markets (DJIA) closed higher yesterday. Asian Markets are largely trading higher today.
Intraday Market Outlook
* Benchmark index is likely to open higher on the back of favourable global cues and trade volatile on weekly expiry today. Index has support at 17900 - 17850 level and resistance at 18150 – 18200 level
* Banking index is likely to trade in line with benchmark index today with support at 41400 - 41200 level and resistance at 42200 - 42400 level.
* ICICIBANK has closed above 21EMA with bullish candlestick and it is likely to trade with positive bias today as well.
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