Benchmark index is likely to trade rangebound today with support at 18500 - Monarch Networth Capital
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TECHNICAL OUTLOOK
* Benchmark index traded with positive bias as it closed with 0.54% gain at 18599 level. Banking index performed slightly better than the benchmark index as it closed with 0.67% gain at 44312 level.
* India VIX closed with 3.34% gain at 12.29 level.
* Among Sectors METAL index outperformed the benchmark index as it closed with 0.94% gain while NIFTYIT index underperformed the bechmark as it closed with 0.39% cut.
* Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.41% and 0.30% gains respectively.
* Advance/Decline ratio was in favour of advances and cash turnover was lower than 5-day average. Both FII and DII were net buyers in the cash segment.
* European markets (DAX) closed lower while US markets (DJIA) were shut yesterday. Asian Markets are trading mixed today.
Intraday Market Outlook
* Benchmark index is likely to trade rangebound today with support at 18500 - 18450 level and resistance at 18700 – 18750 level
* Banking index is likely to trade in line with the benchmark index today with support at 44000 - 43800 level and resistance at 44600 - 44800 level.
* TITAN has closed above 21EMA with bullish candlestick and it is likely to trade with positive bias today as well.
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