Benchmark index is likely to trade rangebound today support at 18400 - 18350 level - Monarch Networth Capital
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/11/9b1c0cac59c10d1210804ff16b622548.jpg)
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TECHNICAL OUTLOOK
* Benchmark index traded with positive bias before closing with 1.19% gain at 18484 level. Banking index lagged the benchmark index as it closed with 0.81% gain at 43075 level.
* India VIX closed with 4.02% cut at 13.47 level. ? Among Sectors, IT index outperformed the benchmark index as it closed with 2.63% gain while PHARMA and REALTY index underperformed the benchmark index as they closed with 0.09% and 0.22% gains respectively. Broader market lagged the benchmark index as MIDCAP and SMALLCAP index closed with 0.52% and 0.42% gains respectively.
* Advance/Decline ratio was in favour of advances and cash turnover was higher than 5-day average. FII were net buyers while DII were net sellers in the cash segment.
* European markets (DAX) closed higher while US markets (DJIA) were shut yesterday. Asian Markets are trading mixed today
Intraday Market Outlook
* Benchmark index is likely to trade rangebound today support at 18400 - 18350 level and resistance at 18600 – 18650 level.
* Banking index is likely to trade in line with benchmark index today with support at 42700 - 42500 level and resistance at 43400 - 43600 level.
* HDFCBANK has closed above 21day EMA with bullish candlestick and it is likely to continue its positive momentum today as well.
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