IGI Logo

MARKET OVERVIEW

* Benchmark index traded volatile before closing with 0.05% cut at 17007 level. Banking index underperformed the benchmark index as it closed with 0.67% cut at 38359 level

* India VIX closed with 1.46% cut at 21.57 level

* Among Sectors, PHARMA and IT index outperformed the benchmark index as they closed with 0.98% and 0.97% gains while METAL and BANKING index were the laggards as they closed with 0.86% and 0.67% cut respectively. Broader market performed better than the benchmark index as both MIDCAP and SMALLCAP index closed with 0.16% and 0.25% gains 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) and US markets (DJIA) closed lower yesterday. 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 with negative bias today. Index has support at 16800 - 16700 level and resistance at 17100 - 17200 level

* Banking index is likely to trade in line with the benchmark index today with support at 37800 - 37500 level and resistance at 38500 - 38800 level

* TATASTEEL has closed with bearish candlestick formation below 21 EMA and it is likely to continue its negative price action today as well.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at  https://www.mnclgroup.com/disclaimer

SEBI Registration Number : INZ000043833

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer