Benchmark index is likely to trade with mild positive bias today with support at 17800 - 17700 level - Monarch Networth Capital
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/10/ffc8199dc1e6bae0212b0398756923cd.jpg)
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TECHNICAL OUTLOOK
* Benchmark index opened gap up and traded higher before closing with 0.59% gain at 17895 level. Banking index underperformed the benchmark index as it closed with 0.06% minor gain at 37775 level.
* India VIX closed with 3.16% cut at 15.65 level
* Among Sectors, IT and PSUBANK indices outperformed the benchmark index as they closed with 1.96% and 1.65% gains while FMCG and PHARMA underperformed as they closed with 0.58% and 0.33 cut respectively. Broader market traded mixed compared to the benchmark index as MIDCAP index lagged with 0.43% gain while SMALLCAP index performed better with 1.23% gains.
* Advance/Decline ratio was in favour of declines and cash turnover was higher than 5-day average. Both FII and DII were net sellers in the cash segment
* European markets (DAX) closed lower while US markets (DJIA) closed flat on Friday. Asian markets are largely trading higher today.
NIFTY (Daily) Chart
Intraday Market Outlook
* Benchmark index is likely to trade with mild positive bias today with support at 17800 - 17700 level and resistance at 18000 - 18100 level
* Banking index is likely to trade in line with benchmark index today with support at 37500 - 37200 level and resistance at 38200 - 38400 level
* RELIANCE closed with bullish candlestick formation with above average volumes. 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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