IGI Logo

TECHNICAL OUTLOOK

* Benchmark index opened gap up and traded with positive bias before closing with 0.76% gain at 18477 level. Banking index performed slightly better than the benchmark index as it closed with 0.87% gain at 39685 level.

* India VIX closed with 9.00% gain at 17.19 level

* Among Sectors, PSUBANK and METAL indices outperformed the benchmark index as they closed with 3.98% and 3.89% gains while PHARMA and MEDIA underperformed as they closed with 0.89% and 0.72% cut respectively. Broader market outperformed the benchmark index as MIDCAP and SMALLCAP index closed with 1.17% and 0.70% gains respectively.

* 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

* European markets (DAX) closed lower while US markets (DJIA) closed flat yesterday. However, Asian markets are largely trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade with mild positive bias today albeit with elevated volatility. Nifty has support at 18350 - 18250 level and resistance at 18650 - 18750 level

* Banking index is likely to trade in line with the benchmark index today with support at 39400 - 39100 level and resistance at 40000 - 40300 level

* INFY has given fresh breakout 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