IGI Logo

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

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 Disclaimer