IGI Logo

TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.26% cut at 16584 level. Banking index underperformed the benchmark index as it closed with 0.95% cut at 35275 level

* India VIX closed with 1.67% cut at 19.98 level

* Among Sectors, IT index outperformed the benchmark index as it closed with 0.37% gain while AUTO and MEDIA were the laggards as they closed with 1.82% and 1.52% cut respectively. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.64% and 0.86% cut 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 on Friday. Asian Markets are trading mixed today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to trade volatile today with support at 16400 - 16300 level and resistance at 16700 - 16800 level.

* Banking index is likely to trade in line with the benchmark index today with support at 34800 - 34500 level and resistance at 35600 - 36000 level.

* MARUTI has closed with bearish candlestick formation. Stock is trading below 21 EMA and it is likely to continue its negative price action 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