Benchmark index is likely to trade rangebound today with support at 18600 - 18550 level - Monarch Networth Capital
TECHNICAL OUTLOOK
* Benchmark index traded with negative bias as it closed with 0.62% cut at 18696 level. Banking index traded in line with the benchmark index as it closed with 0.36% cut at 43104 level.
* India VIX closed with 0.67% gain at 13.45 level.
* Among Sectors, MEDIA index outperformed the benchmark index as it closed with 1.22% gain while AUTO and CONSUMPTION underperformed the benchmark index as it closed with 1.10% and 0.84% cut respectively. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.80% and 0.70% gains 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) and US markets (DJIA) closed higher on Friday. Asian Markets are largely trading higher today.
Intraday Market Outlook
* Benchmark index is likely to trade rangebound today with support at 18600 - 18550 level and resistance at 18800 – 18850 level.
* Banking index is likely to trade in line with benchmark index today with support at 42900 - 42700 level and resistance at 43400 - 43600 level.
* GRASIM has closed above 21day EMA with bullish candlestick and it is likely to continue its positive momentum today as well.
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