IGI Logo

TECHNICAL OUTLOOK

* Benchmark index opened gap down and traded volatile before closing with 0.49% cut at 17532 level. Banking index lagged the benchmark index as it closed with 0.53% cut at 37226 level.

* India VIX closed with 6.47% cut at 17.21 level

* Among Sectors, PHARMA and MEDIA indices outperformed the benchmark index as they closed with 0.84% and 0.75% gains while REALTY and IT indices underperformed as they closed with 1.51% and 0.71% cut. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.04% and 0.13% gains respectively.

* Advance/Decline ratio was in favour of declines 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) closed higher on Friday. Asian markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 17400 - 17300 level and resistance at 17650 - 17750 level

* Banking index is likely to trade in line with the benchmark index today with support at 36800 - 36500 level and resistance at 37600 - 37800 level

* M&M has given fresh breakout from short term consolidation and closed 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

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 Disclaimer