Benchmark index is likely to trade within a broad range today with support at 17600 - 17500 level - Monarch Networth Capital
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/11/e2b4fc862bae96c842745edb263cf286.jpg)
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TECHNICAL OUTLOOK
* Benchmark index closed with 1.04% cut at 17672 level. Banking index traded in line with the benchmark index as it closed with 1.00% cut at 39116 level.
* India VIX closed with 2.68% cut at 17.43 level
* Among Sectors, PSUBANK and MNC indices outperformed the benchmark index as they closed with 1.45% and 1.04% gains while ENERGY and IT index were laggards as they closed with 1.46% and 1.45% cut respectively. Broader market performed slightly better than the benchmark index as MIDCAP and SMALLCAP index closed with 0.15% and 0.46% cut.
* Advance/Decline ratio was in favour of declines and cash turnover was higher than 5-day average. FII were net sellers while DII were net buyers in the cash segment
* European markets (DAX) closed flat while US markets (DJIA) closed with minor gains on Friday. Asian markets are trading mixed today.
NIFTY (Daily) Chart
NIFTY (Daily) Chart
* Benchmark index is likely to trade within a broad range today with support at 17600 - 17500 level and resistance at 17900 - 18000 level
* Banking index is likely to trade volatile today with support at 38800 - 38500 level and resistance at 39500 – 39800 level
* MCDOWELL-N has closed with bullish candlestick formation accompanied with above average volume. Stock is trading below 21 EMA and it is likely to continue its upside momentum today as well
BANK NIFTY (Daily) Chart
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