Benchmark index is likely to trade volatile today with support at 17750- 17650 level and resistance at 18000 - 18100 level - Monarch Networth Capital
TECHNICAL OUTLOOK
* Benchmark index closed with 0.8% cut at 17873 level. Banking index underperformed the benchmark index as it closed with 1.2% cut at 38560 level
* India VIX closed with minor gain of 0.3% at 16.35 level
* Among Sectors, METAL index outperformed the benchmark index as it closed with 0.4% gain while REALTY and PSUBANK indices closed with 2.3% and 1.8% cut respectively. Broader market traded in line with the benchmark index as MIDCAP and SMALLCAP index closed with 0.8% and 0.5% cut
* Advance/Decline ratio was in favour of Declines 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) closed with minor gain while US markets (DJIA) closed with losses yesterday. Asian markets are largely trading with positive bias today
NIFTY (Daily) Chart
Intraday Market Outlook
* Benchmark index is likely to trade volatile today with support at 17750- 17650 level and resistance at 18000 - 18100 level
* Banking index is likely to trade in line with benchmark index with support at 38200 - 38000 level and resistance at 39000 - 39200 level
* TITAN has closed with bullish candlestick formation with volume support, and it is likely to continue its upside momentum today as well
BANK NIFTY (Daily) Chart
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