IGI Logo

TECHNICAL OUTLOOK

* Benchmark index closed with minor 0.11% cut at 17214 level. Banking index lagged the benchmark index as it closed with 0.39% cut at 35045 level.

* India VIX closed with 1.46% cut at 16.24 level

* Among Sectors, PHARMA and AUTO index outperformed the benchmark index as they closed with 1.71% and 0.42% gains while METAL and MEDIA were the laggards as they closed with 1.05% and 0.97% cut. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.13% and 0.59% gains respectively.

* Advance/Decline ratio was in favour of declines 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) closed lower while US markets (DJIA) closed higher yesterday. Asian markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade range bound with elevated volatility on monthly expiry today. Nifty has support at 17050 - 16950 level and resistance at 17350 - 17450 level.

* Banking index is likely to trade in line with benchmark index today with support at 34600 - 34400 level and resistance at 35400 - 35600 level.

* DIVISLAB closed with bullish candlestick formation with above average volumes. Stock is trading above 21 EMA and it is likely to continue its positive 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