Benchmark index is likely to trade range bound today with support at 16400 - 16300 level - Monarch Networth Capital
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/06/391e37030c19f5c3a7ab2b221921d01b.jpg)
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TECHNICAL OUTLOOK
* Benchmark index traded volatile before closing with 0.46% cut at 16585 level. Banking index underperformed the benchmark index as it closed with 0.95% cut at 35487 level
* India VIX closed with 2.50% gain at 20.48 level
* Among Sectors, REALTY and PSE index outperformed the benchmark index as they closed with 2.01% and 1.80% gain while ENERGY and PSUBANK were the laggards as they closed with 1.08% and 1.03% cut respectively. Broader market traded mixed as MIDCAP index closed with minor 0.13% cut and SMALLCAP index closed with 1.24% gain respectively.
* Advance/Decline ratio was in favour of advances and cash turnover was higher 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. However, Asian Markets are trading mixed today.
NIFTY (Daily) Chart
Intraday Market Outlook
* Benchmark index is likely to trade range bound today with support at 16400 - 16300 level and resistance at 16700 - 16800 level.
* Banking index is likely to trade in line with the benchmark index today with support at 35000- 34700 level and resistance at 35800 - 36000 level.
* COALINDIA has closed with bullish candlestick formation. Stock is trading above 21 EMA and it is likely to continue its positive momentum today as well.
BANK NIFTY (Daily) Chart
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