Benchmark index is likely to trade volatile today with support at 15600 - 15500 level - Monarch Networth Capital
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TECHNICAL OUTLOOK
* Benchmark index traded volatile before closing with 0.27% cut at 15732 level. Banking index performed in line with the benchmark index as it closed with 0.28% cut at 33311 level
* India VIX closed with 2.15% cut at 21.89 level
* Among Sectors, REALTY and METAL index outperformed the benchmark index as they closed with 0.81% and 0.37% gains while AUTO and ENERGY were the laggards as they closed with 0.55% cut each. Broader market performed in line with the benchmark index as MIDCAP and SMALLCAP index closed with 0.23% and 0.59% cut respectively.
* Advance/Decline ratio was in favor of advances and cash turnover was higher 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.
NIFTY (Daily) Chart
Intraday Market Outlook
* Benchmark index is likely to trade volatile today with support at 15600 - 15500 level and resistance at 15900 - 16000 level.
* Banking index is likely to trade in line with the benchmark index today with support at 33000 - 32700 level and resistance at 33700 - 34000 level.
* UPL has given breakdown below previous swing low and closed with bearish candlestick formation. Stock is trading below 21 EMA and it is likely to continue its negative price action today as well.
BANK NIFTY (Daily) Chart
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