Benchmark index is likely to trade with mild negative bias albeit with heightened volatility on weekly expiry day - Monarch Networth Capital
TECHNICAL OUTLOOK
* Benchmark index closed with 0.56% cut at 17899 level. Banking index underperformed the benchmark index as it closed with 0.69% cut at 38042 level.
* India VIX closed with 1.45% cut at 14.98 level
* Among Sectors, AUTO and MEDIA indices outperformed the benchmark index as they closed with 0.71% and 0.40% gains while REALTY and PHARMA indices closed with 1.64% and 1.28% cut respectively. Broader market traded mixed compared to the benchmark index as MIDCAP index closed with 0.67% cut while SMALLCAP index closed with 0.13% gain.
* Advance/Decline ratio (Nifty stocks) was in favour of declines and cash turnover was lower than 5-day average. Both FII and DII were net sellers in the cash segment
* European markets (DAX) closed flat while US markets (DJIA) closed lower yesterday. Asian markets are largely trading lower today.
NIFTY (Daily) Chart
Intraday Market Outlook
* Benchmark index is likely to trade with mild negative bias albeit with heightened volatility on weekly expiry day. Index has support at 17750 - 17650 level and resistance at 18000 - 18100 level
* Banking index is likely to trade with mild negative bias today with support at 37500 - 37300 level and resistance at 38200 - 38500 level
* TATAPOWER has closed above short-term consolidation with bullish candlestick formation. Stock is trading above 21 EMA and it is likely to continue its upside momentum today as well.
BANK NIFTY (Daily) Chart
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