Benchmark index opened gap up and traded with positive bias before closing with 0.82% gain at 17790 level - Monarch Networth Capital
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/10/8b7334d240a25817e2b98ba76d0625fc.jpg)
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TECHNICAL OUTLOOK
* Benchmark index opened gap up and traded with positive bias before closing with 0.82% gain at 17790 level. Banking index lagged the benchmark index as it closed with 0.62% gain at 37753 level.
* India VIX closed with 6.75% cut at 16.16 level
* Among Sectors, REALTY and AUTO indices outperformed the benchmark index as they closed with 6.16% and 4.39% gains while ENERGY underperformed as it closed with 0.39% cut. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.88% and 1.22% gains respectively.
* Advance/Decline ratio was in favour of advances 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) and US markets (DJIA) closed higher yesterday. Asian markets are following suit and largely trading higher today.
NIFTY (Daily) Chart
Intraday Market Outlook
* Benchmark index is likely to trade with mild positive bias today. Index has support at 17700 - 17600 level and resistance at 17950 - 18000 level
* Banking index is likely to trade volatile ahead of RBI’s MPC meeting outcome today. Banknifty has support at 37400 - 37000 level and resistance at 38200 - 38500 level
* MINDAIND has given fresh breakout from inverse Head & Shoulder pattern with bullish candlestick formation on daily chart. Stock is trading above 21 EMA accompanied with above average volumes, and it is likely to continue its upside momentum today as well
BANK NIFTY (Daily) Chart
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