Benchmark index is likely to trade volatile today it has support at 17650 - Monarch Networth Capital
TECHNICAL OUTLOOK
* Benchmark index traded volatile as it closed with 0.09% gain at 17828 level. Banking index outperformed the benchmark index as it closed with 1.38% gain at 42132 level.
* India VIX closed with 2.97% cut at 11.90 level. ? Among Sectors PSUBANK index outperformed benchmark index as it closed with 1.45% gain while IT index underperformed as it closed with 2.20% cut. Broader market performed in line with the benchmark index as both MIDCAP and SAMLLCAP index closed with 0.16% and 0.33% gains respectively.
* Advance/Decline ratio was in favour of advances and cash turnover was lower than 5-day average. FII were net buyers while DII were net sellers in the cash segment.
* European markets (DAX) closed higher while US markets (DJIA) closed lower on Friday. Asian Markets are trading mixed today.
Intraday Market Outlook
* Benchmark index is likely to trade volatile today it has support at 17650 - 17600 level and resistance at 17900 – 17950 level.
* Banking index is likely to trade in line with the benchmark index today with support at 41700 - 41500 level and resistance at 42500 - 42700 level.
* HCLTECH has closed below 21EMA with bearish candlestick and it is likely to trade with negative bias today as well.
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