IGI Logo

TECHNICAL OUTLOOK

Benchmark index opened on a positive note and traded volatile on weekly expiry day before closing with minor 0.22% gain at 16295 level. Banking index underperformed the benchmark index as it closed with 0.54 % cut at 35835 level.

India VIX closed with 2.57% cut at 12.87 level

Among Sectors, METAL and IT index outperformed the benchmark index as they closed with 1.29% and 0.76% gains while PSUBANK and REALTY index underperformed as they closed with 2.23% and 1.09% cut respectively. Broader market traded mixed as MID cap index closed with 0.01% minor gain while Small cap index closed with 0.10% cut

Advance/Decline ratio was in favour of advances and cash turnover was lower 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 trading with minor losses today.

NIFTY (Daily) Chart

Intraday Market Outlook

Benchmark index is likely to trade rangebound today with support at 16200 - 16100 level and resistance at 16400 - 16500 level

Banking index is likely to trade volatile today ahead of RBI monetary policy outcome with support at 35500 - 35200 level and resistance at 36200 - 36500 level

JSWSTEEL has given fresh breakout from consolidation of 5 days. It has closed with bullish candlestick formation 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 Disclaime