IGI Logo

TECHNICAL OUTLOOK

* Benchmark index closed with 0.23% cut at 17889 level. Banking index outperformed the benchmark index as it closed with 0.44% gain at 39938 level.

* India VIX closed with 1.04% cut at 17.06 level

* Among Sectors, REALTY and PSUBANK indices outperformed the benchmark index as they closed with 3.38% and 2.37% gain while METAL and PSE indices closed with 1.58% and 0.45% cut respectively. Broader market performed better than the benchmark index as MIDCAP and SMALLCAP index closed with 0.83% and 1.02% gains respectively.

* Advance/Decline ratio was in favour of declines and cash turnover was lower 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 gains yesterday. However, Asian markets are largely trading on cautious note ahead of Fed policy meeting outcome today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade range bound today with support at 17800 - 17700 level and resistance at 18000 - 18100 level

* Banking index is likely to trade volatile with mild positive bias today with support at 39600 - 39400 level and resistance at 40500 - 40800 level

* DIXON has closed with bullish candlestick formation accompanied with above average volumes. Stock is trading above 21 EMA and it is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

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