Benchmark index is likely to trade rangebound today with support at 18250 - 18200 level - Monarch Networth Capital
TECHNICAL OUTLOOK
* Benchmark index traded volatile on weekly expiry before closing with 0.36% cut at 18344 level. Banking index performed slightly better than the benchmark index as it closed with 0.18% cut at 42458 level. ? India VIX closed with 1.47% cut at 14.87 level.
* Among Sectors, PSUBANK index outperformed the benchmark index as it closed with 0.79% gain while AUTO and MEDIA index underperformed the benchmark index as they closed with 1.36% and 1.00% cut respectively. Broader market traded in line with benchmark index as MIDCAP and SMALLCAP index closed with 0.33% and 0.27% cut respectively.
* Advance/Decline ratio was in favour of declines and cash turnover was lower than 5-day average. Both FII and DII were net buyers in the cash segment.
* European markets (DAX) closed higher while US markets (DJIA) closed flat yesterday. However, Asian Markets are largely trading higher today.
Intraday Market Outlook
* Benchmark index is likely to trade rangebound today with support at 18250 - 18200 level and resistance at 18500 – 18550 level.
* Banking index is likely to trade in line with benchmark index today with support at 42200 - 42000 level and resistance at 42800 - 43000 level.
* SBIN is trading above 21 EMA and has closed with bullish candlestick formation and is likely to continue its positive momentum today as well.
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