Benchmark index is likely to trade volatile in a broad range with support at 18250 - 18150 level - Monarch Networth Capital
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/10/658a0b2e1392411732911317b8eeaff5.jpg)
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TECHNICAL OUTLOOK
* Benchmark index traded volatile before closing with 0.32% cut at 18419 level. Banking index performed in line with the benchmark index as it closed with 0.36% cut at 39541 level.
* India VIX closed with 1.11% gain at 17.38 level
* Among Sectors, IT index outperformed the benchmark index as it closed with 2.20% gain while REALTY and PSUBANK underperformed as they closed with 4.74% and 3.73% cut respectively. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 2.17% and 1.69% cut respectively.
* Advance/Decline ratio was in favour of declines and cash turnover was higher than 5-day average. Both FII and DII were net sellers in the cash segment
* European markets (DAX) and US markets (DJIA) closed higher yesterday. Asian markets are trading mixed today.
NIFTY (Daily) Chart
Intraday Market Outlook
* Benchmark index is likely to trade volatile in a broad range with support at 18250 - 18150 level and resistance at 18600 - 18700 level
* Banking index is likely to trade in line with the benchmark index today with support at 39200 - 39000 level and resistance at 40000 - 40200 level
* LT has closed above previous swing high with bullish candlestick formation accompanied with strong volumes. Stock is trading above 21 EMA and it is likely to continue its upside momentum today as well
BANK NIFTY (Daily) Chart
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