Benchmark index opened on positive note and traded volatile before closing with 0.31% gain at 17378 level - Monarch Networth Capital
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/09/6f1706ca44a93b6e932f1175f30a85e3.jpg)
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TECHNICAL OUTLOOK
* Benchmark index opened on positive note and traded volatile before closing with 0.31% gain at 17378 level. Banking index underperformed the benchmark index as it closed with 0.41% cut at 36592 level.
* India VIX closed with 3.92% gain and closed at 15.11 level
* Among Sectors, REALTY and IT indices outperformed the benchmark index as they closed with 3.16% and 1.50% gains while PSE and PSUBANK underperformed as they closed with 0.47% and 0.19% cut respectively. Broader market outperformed the benchmark index as both MID cap and small cap index closed with 0.41% and 1.09% gains.
* Advance/Decline ratio was in favour of declines 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) closed higher yesterday while US markets (DJIA) were closed on account of labour day. Asian markets are trading mixed today.
NIFTY (Daily) Chart
Intraday Market Outlook
* Benchmark index is likely to trade range bound today with support at 17250 - 17150 level and resistance at 17450 - 17550 level
* Banking index is likely to trade in line with benchmark index today with support at 36200 - 36000 level and resistance at 36800 - 37000 level
* INFY witnessed sharp reversal from lower levels and trading above short term consolidation. Stock managed to close with bullish candlestick formation above 21 EMA and it is likely to continue its upside momentum today as well
BANK NIFTY (Daily) Chart
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