Benchmark index is likely to trade volatile on weekly expiry day with support at 17000 - 16900 level - Monarch Networth Capital
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/12/39e423a4195cf46cfe8a8097ca48cd1d.jpg)
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TECHNICAL OUTLOOK
* Benchmark index closed with 1.08% gain at 17167 level. Banking index outperformed the benchmark index as it closed with 1.88% gain at 36365 level.
* India VIX closed with 8.12% cut at 19.45 level
* Among Sectors, PSUBANK and METAL index outperformed the benchmark index as they closed with 2.66% and 2.32% gains while PHARMA index lagged as it closed with 1.62% cut. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 1.03% and 0.12% gains respectively.
* Advance/Decline ratio (Nifty stocks) 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) closed higher while US markets (DJIA) closed near day’s low after reporting first Omicron variant case yesterday. Asian markets are trading mixed today.
NIFTY (Daily) Chart
Intraday Market Outlook
* Benchmark index is likely to trade volatile on weekly expiry day with support at 17000 - 16900 level and resistance at 17300 - 17400 level.
* Banking index is likely to trade in line with benchmark index today with support at 35900 - 35700 level and resistance at 36700 - 37000 level
* TCS has closed above previous swing high with bullish candlestick formation above 21 EMA. Stock is likely to continue its upside momentum today as well.
BANK NIFTY (Daily) Chart
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