Benchmark index traded on a positive note before closing with 0.96% gain at 16642 level - Monarch Networth Capital
TECHNICAL OUTLOOK
* Benchmark index traded on a positive note before closing with 0.96% gain at 16642 level. Banking index outperformed the benchmark index as it closed with 1.03% gain at 36784 level
* India VIX closed with 0.22% cut at 18.13 level
* Among Sectors, PHARMA and MEDIA index outperformed the benchmark index as they closed with 2.33% and 2.12% gains. Broader market traded mixed as MIDCAP index closed with 1.11% gain while SMALLCAP index closed unchanged
* 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
* Both European markets (DAX) and US markets (DJIA) closed higher yesterday. Asian Markets are also trading with mild positive bias
NIFTY (Daily) Chart
Intraday Market Outlook
* Benchmark index is likely to open gap up on favorable global cues; However, it may turn volatile in second half due to monthly expiry day. It has support at 16600 - 16500 level and resistance at 16800 - 16900 level
* Banking index is likely to trade in line with the benchmark index today with support at 36700 - 36400 level and resistance at 37100 - 37400 level
* DLF has given a range breakout and closed with bullish candlestick formation with strong volume support. It is likely to continue its positive momentum today as well.
BANK NIFTY (Daily) Chart
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