Benchmark index is likely to trade volatile today with support at 17050 - 16950 level - Monarch Networth Capital
TECHNICAL OUTLOOK
* Benchmark index closed with 0.86% gain at 17233 level. Banking index underperformed the benchmark index as it closed with 0.36% gain at 35184 level.
* India VIX closed with 3.74% cut at 16.48 level
* Among Sectors, AUTO and INFRA index outperformed the benchmark index as they closed with 1.34% and 1.21% gains. Broader market performed better than the benchmark index as both MIDCAP and SMALLCAP index closed with 1.18% and 1.55% gains respectively.
* Advance/Decline ratio was in favour of advances and cash turnover was lower than 5-day average. Both FII and DII were net buyers in the cash segment
* European markets (DAX) and US markets (DJIA) closed higher yesterday. However, Asian markets are trading mixed today.
NIFTY (Daily) Chart
Intraday Market Outlook
* Benchmark index is likely to trade volatile today with support at 17050 - 16950 level and resistance at 17300 - 17400 level.
* Banking index is likely to trade in line with benchmark index today with support at 34700 - 34500 level and resistance at 35500 - 35700 level.
* PVR closed with bearish candlestick formation accompanied by above average volumes. Stock is trading below 21 EMA and it is likely to continue its downside momentum today as well.
BANK NIFTY (Daily) Chart
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