Benchmark index is likely to trade volatile today with support at 17750 - 17700 level - Monarch Networth Capital
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TECHNICAL OUTLOOK
* Benchmark index traded with negative bias before closing with 0.34% cut at 17895 level. Banking index lagged the benchmark index as it closed with 0.48% cut at 42168 level.
* India VIX closed with 3.89% gain at 15.02 level.
* Among Sectors PSUBANK index outperformed the benchmark index as it closed with 1.57% gain while MEDIA index underperformed the benchmark index as it closed with 1.36% cut. Broader market traded in line with the benchmark index as both MIDCAP and SAMLLCAP index closed with 0.34% and 0.10% cut respectively.
* Advance/Decline ratio was in favour of declines 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) were shut due to holiday yesterday. Asian Markets are trading mixed today.
Intraday Market Outlook
* Benchmark index is likely to trade volatile today with support at 17750 - 17700 level and resistance at 18000 – 18100 level
* Banking index is likely to trade in line with benchmark index today with support at 41700 - 41500 level and resistance at 42500 - 42700 level.
* TECHM has closed above 21day EMA with bullish candlestick and it is likely to continue its positive momentum today as well.
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