Benchmark index is likely to trade rangebound today with support at 18000 - 17950 level - Monarch Networth Capital
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TECHNICAL OUTLOOK
* Benchmark index traded with negative bias before closing with 0.47% cut at 18105 level. Banking index lagged with the benchmark index as it closed with 0.61% cut at 42986 level.
* India VIX closed with 0.37% gain at 14.86 level.
* Among Sectors PSUBANK index outperformed the benchmark index as it closed with 1.51% gain while FMCG and FINNIFTY underperformed the benchmark index as they closed with 0.76% and 0.57% cut respectively. Broader market performed in line with the benchmark index as MIDCAP and SAMLLCAP index closed with 0.37% and 0.76% gain respectively.
* Advance/Decline ratio was in favour of declines and cash turnover was lower 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 on Friday. Asian Markets are trading mixed today.
Intraday Market Outlook
* Benchmark index is likely to trade rangebound today with support at 18000 - 17950 level and resistance at 18200 – 18250 level
* Banking index is likely to trade in line with benchmark index today with support at 42700 - 42500 level and resistance at 43300 - 43500 level.
* TITAN has closed above 21day EMA with bullish candlestick and it is likely to continue its positive momentum today as well.
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