Benchmark index is likely to trade rangebound today with support at 18450 - Monarch Networth Capital
TECHNICAL OUTLOOK
* Benchmark index traded volatile on Friday before closing with 0.38% cut at 18563.4 level. Banking index performed slightly better than the benchmark index as it closed with 0.01% cut at 43989 level.
* India VIX closed with 1.22% cut at 11.12 level. ? Among Sectors PSE index outperformed the benchmark index as it closed with 0.57% gain while PSUBANK index underperformed as it closed with 1.21% cut.
* Broader market performed better than the benchmark index as both MIDCAP and SMALLCAP index closed with 0.03% and 0.02% gains 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) closed lower while US markets (DJIA) closed higher on Friday. Asian Markets are trading mixed today
Intraday Market Outlook
* Benchmark index is likely to trade rangebound today with support at 18450 - 18400 level and resistance at 18700 – 18750 level
* Banking index is likely to trade in line with the benchmark index today with support at 43700 - 43500 level and resistance at 44400 - 44600 level
* LT has closed above 21EMA with bullish candlestick and it is likely to trade with positive bias today as well
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