Benchmark index traded on a negative note as it closed with 1.31% cut at 17375 level - Monarch Networth
TECHNICAL OUTLOOK
▪ Benchmark index traded on a negative note as it closed with 1.31% cut at 17375 level. Banking index performed in line with the benchmark index as it closed with 1.27% cut at 38517 level
▪ India VIX closed with 5.48% gain at 18.68 level
▪ Among Sectors, IT and PSUBANK index underperformed as they closed with 2.72% and 2.01% cut. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 2.02% and 2.37% cut respectively.
▪ Advance/Decline ratio was in favour of declines 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) and US markets (DJIA) closed lower on Friday. Asian Markets are following suit and trading lower today
NIFTY (Daily) Chart
Intraday Market Outlook
▪ Benchmark index is likely to open lower and trade with negative bias today, following weak global cues. Index has support at 17100 - 17000 level and resistance at 17400 - 17500 level
▪ Banking index is likely to trade in line with the benchmark index today with support at 37700 - 37400 level and resistance at 38700 - 39000 level.
▪ EXIDEIND has closed with bearish candlestick formation and stock is trading below 21 EMA; it is likely to continue its negative momentum today as well
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