Benchmark index traded on a positive note as it closed with 1.13% gain at 16352 level - Monarch Networth Capital
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TECHNICAL OUTLOOK
* Benchmark index traded on a positive note as it closed with 1.13% gain at 16352 level. Banking index outperformed the benchmark index as it closed with 1.48% gain at 35613 level
* India VIX closed with 5.46% cut at 21.48 level
* Among Sectors, IT and MEDIA index outperformed the benchmark index as they closed with 2.54% and 2.49% gains while PSE and ENERGY index were the laggards as they closed with 1.23% and 0.97% cut respectively. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 1.38% and 1.36% gains respectively.
* 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 on Friday. Asian Markets are following suit and trading higher today.
NIFTY (Daily) Chart
Intraday Market Outlook
* Benchmark index is likely to trade with positive bias today on the back of favourable global cues. Index has support at 16250 - 16150 level and resistance at 16500 - 16600 level.
* Banking index is likely to trade in line with the benchmark index today with support at 35400 - 35100 level and resistance at 36200 - 36500 level.
* KOTAKBANK has closed with bullish candlestick formation. Stock is trading above 21 EMA and it is likely to continue its positive momentum today as well.
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