IGI Logo

TECHNICAL OUTLOOK

* Benchmark index closed with 0.41% gain at 16705 level. Banking index underperformed the benchmark index as it closed with minor 0.03% gain at 35628 level.

* India VIX closed with 0.96% cut at 13.41 level

* Among Sectors, METAL and PHARMA outperformed the benchmark index as they closed with 1.63% and 1.38% gains respectively. Broader market outperformed the benchmark index as both MID cap and small cap index closed with 1.06% and 0.77% gains.

* Advance/Decline ratio was in favour of advances and cash turnover was lower than 5 day average. FII were net sellers while DII were net buyers in the cash segment

* European markets (DAX) and US markets (DJIA) closed higher on Friday. Asian markets are following suit and largely trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with positive bias today with support at 16650 - 16550 level and resistance at 16900 - 17000 level

* Banking index is likely to trade in line with the benchmark index today with support at 35500 - 35200 level and resistance at 36000 - 36300 level

* SRF has given fresh breakout from consolidation and closed above previous swing high with Bullish candlestick formation. Breakout is accompanied by strong volumes and it is likely to continue its upside momentum today as well

BANK NIFTY (Daily) Chart

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at  https://www.mnclgroup.com/disclaimer

SEBI Registration Number : INZ000043833

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaime