Benchmark index is likely to trade volatile today with support at 19250 - Monarch Networth Capital
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TECHNICAL OUTLOOK
* Benchmark index traded with positive bias yesterday as it closed with 0.34% gain at 19389 level. Banking index performed in line with the benchmark index as it closed with 0.32% gain at 45301 level.
* India VIX closed with 1.39% gain at 11.70 level.
* Among Sectors PSUBANK index outperformed the benchmark index as it closed with 1.89% gain while NIFTYINFRA index underperformed as it closed with 0.55% cut.
* Broader market lagged the benchmark index as MIDCAP index closed with 0.22% cut while SMALLCAP index closed with 0.05% gain.
* 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) 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 19250 - 19200 level and resistance at 19500 – 19550 level
* Banking index is likely to trade in line with the benchmark index today with support at 45000 - 44800 level and resistance at 45600 - 45800 level.
* TCS has closed above 21EMA with bullish candlestick and it is likely to trade with positive bias today as well.
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