Benchmark index is likely to trade volatile today with support at 17300 - 17200 level - Monarch Networth Capital
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/08/a4ff7216443f48e4f3ecf6a8b0711635.jpg)
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TECHNICAL OUTLOOK
* Benchmark index traded volatile before closing with minor 0.09% gain at 17398 level. Banking index outperformed the benchmark index as it closed with 0.44% gain at 37921 level
* India VIX closed with 1.77% cut at 18.92 level
* Among Sectors, IT and BANKING index outperformed the benchmark index as they closed with 0.64% and 0.44% gains while ENERGY and AUTO index were the laggards as they closed with 1.44% and 1.09% cut respectively. Broader market traded mixed as MIDCAP index closed with 0.22% gain while SMALLCAP index closed with 0.06% cut
* 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 lower while US markets (DJIA) closed marginally higher on Friday. Asian Markets are largely trading lower today.
NIFTY (Daily) Chart
Intraday Market Outlook
* Benchmark index is likely to trade volatile today with support at 17300 - 17200 level and resistance at 17500 - 17600 level
* Banking index is likely to trade in line with the benchmark index today with support at 37600 - 37300 level and resistance at 38200 - 38500 level
* ULTRACEMCO has closed with bullish candlestick formation above 21 EMA and it is likely to continue its positive momentum today as well.
BANK NIFTY (Daily) Chart
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