Benchmark index is likely to trade rangebound today with support at 18600 - Monarch Networth Capital
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TECHNICAL OUTLOOK
* Benchmark index traded rangebound today before closing with 0.14% gain at 18691 level. Banking index performed in line with the benchmark index as it closed with 0.04% gain at 43641 level.
* India VIX closed with 1.42% gain at 11.39 level.
* Among Sectors PHARMA index outperformed the benchmark index as it closed with 1.53% gain while ENERGY index underperformed as it closed with 0.43% cut.
* Broader market outperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 1.04% and 0.71% gains respectively.
* Advance/Decline ratio was in favour of advances 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 yesterday. Asian Markets are trading mixed 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 the benchmark index today with support at 43400 - 43200 level and resistance at 43900 - 44100 level.
* HEROMOTOCO has closed above 21EMA with bullish candlestick and it is likely to trade with positive bias today as well.
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