Benchmark index opened gap up and traded higher before closing with ~1% gain at 18339 level - Monarch Networth Capital
TECHNICAL OUTLOOK
* Benchmark index opened gap up and traded higher before closing with ~1% gain at 18339 level. Banking index outperformed the benchmark index as it closed with 1.8% gain at 39340 level.
* India VIX closed with 2% cut at 15.7 level
* Among Sectors, METAL index outperformed the benchmark index as it closed with 1.8% gains while AUTO underperformed as it closed with 0.6% cut. Broader market slightly underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.6% gain each.
* Advance/Decline ratio was in favour of advances and cash turnover was higher than 5-day average. FII were net buyers while DII were net sellers in the cash segment
* Both US markets (DJIA) and European markets (DAX) closed higher on Friday. However, Asian markets are trading mixed today.
NIFTY (Daily) Chart
Intraday Market Outlook
* Benchmark index is likely to trade with mild positive bias today with support at 18250 - 18150 level and resistance at 18500 - 18600 level
* Banking index is likely to continue its out performance vis-a-vis Nifty and trade with positive bias with support at 39000 - 38800 level and resistance at 39800 - 40000 level
* HDFC has closed with bullish candlestick formation with above average volumes. Stock has also given a range breakout and it is likely to continue its upside momentum today as well
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