Benchmark index traded rangebound today before closing with 0.05% cut at 18122 level - Monarch Networth Capital
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TECHNICAL OUTLOOK
* Benchmark index traded rangebound today before closing with 0.05% cut at 18122 level. Banking index traded in line with the benchmark index as it closed with 0.07% cut at 42828 level.
* India VIX closed with 0.69% gain at 15.39 level.
* Among Sectors AUTO index outperformed the benchmark index as it closed with 0.66% gain while PHARMA and METAL underperformed the benchmark index as they closed with 0.56% cut and 0.27% respectively. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.23% and 0.45% gains respectively.
* 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) and US markets (DJIA) closed lower yesterday. Asian Markets are largely trading lower today.
Intraday Market Outlook
* Benchmark index is likely to open lower on weak global cues and trade volatile on monthly expiry today. Index has support at 18000 - 17900 level and resistance at 18200 – 18250 level.
* Banking index is likely to trade in line with benchmark index today with support at 42400 - 42100 level and resistance at 43100 - 43300 level.
* HDFCBANK has closed above 21day EMA with bullish candlestick and it is likely to continue its positive momentum today as well.
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