Benchmark index is likely to open lower following weak global cues and trade volatile today - Monarch Networth Capital
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TECHNICAL OUTLOOK
* Benchmark index traded on a positive note before closing with 0.75% gain at 18070 level. Banking index performed in line with the benchmark index as it closed with 0.74% gain at 40873 level
* India VIX closed with 2.62% cut at 17.47 level
* Among Sectors, METAL and MNC index outperformed the benchmark index as they closed with 1.28% and 0.83% gains while REALTY and IT index underperformed as they closed with 0.18% and 0.05% cut respectively. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.16% gain each
* Advance/Decline ratio was in favour of advances and cash turnover was higher 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 with sharp cuts yesterday after US CPI data came above estimates. on Friday. Asian Markets are following suit and trading lower today.
Intraday Market Outlook
* Benchmark index is likely to open lower following weak global cues and trade volatile today. Index has support at 17700 - 17600 level and resistance at 18100 – 18150 level
* Banking index is likely to trade in line with the benchmark index today with support at 39800 - 39500 level and resistance at 40900 - 41200 level
* BAJAJ-AUTO has closed with bearish candlestick formation below 21 EMA and it is likely to continue its negative momentum today as well.
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