Benchmark index is likely to trade volatile today with support at 17950 - Monarch Networth Capital
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TECHNICAL OUTLOOK
* Benchmark index traded with negative bias as it closed with 1.02% cut at 18069 level. Banking index underperformed the benchmark index as it closed with 2.34% cut at 42661 level.
* India VIX closed with 4.79% gain at 12.29 level.
* Among Sectors MNC index outperformed the benchmark index as it closed with 0.42% gain while FINNIFTY index underperformed as it closed with 2.34% cut. Broader market performed better than the benchmark index as both MIDCAP and SMALLCAP index closed with 0.50% and 0.39% cut respectively.
* Advance/Decline ratio was in favour of declines and cash turnover was higher than 5-day average. FII were net buyers while DII were net sellers in the cash segment.
* European markets (DAX) and US markets (DJIA) closed higher on friday. Asian Markets are largely trading higher today.
Intraday Market Outlook
* Benchmark index is likely to trade volatile today with support at 17950 - 17900 level and resistance at 18200 – 18250 level
* Banking index is likely to trade in line with the benchmark index today with support at 42300 - 42000 level and resistance at 43000 - 43300 level.
* MARUTI has closed above 21EMA with bullish candlestick and it is likely to trade with positive bias today as well.
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