Benchmark index is likely to open lower on the back of weak global cues - Monarch Networth Capital
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TECHNICAL OUTLOOK
* Benchmark index traded with positive bias as it closed with 0.89% gain at 17930 level. Banking index traded in line with the benchmark index as it closed with 0.89% gain at 41648 level.
* India VIX closed with 1.66% cut at 13.45 level.
* Among Sectors PSUBANK index outperformed the benchmark index as it closed with 1.04% gain while REALTY index underperformed the benchmark index as it closed with 1.84% cut. Broader market underperformed the benchmark index as both MIDCAP and SAMLLCAP index closed with 0.44% and 0.61% cut 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 lower yesterday. Asian Markets are largely trading lower today.
Intraday Market Outlook
* Benchmark index is likely to open lower on the back of weak global cues and trade volatile today. Index has support at 17800 - 17750 level and resistance at 18050 – 18100 level
* Banking index is likely to trade in line with benchmark index today with support at 41200 - 41000 level and resistance at 42000 - 42200 level.
* RELIANCE has closed with bullish candlestick and it is likely to trade with positive bias today as well.
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