Benchmark index traded volatile before closing with 0.44% cut at 17077 level - Monarch Networth Capital
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TECHNICAL OUTLOOK
* Benchmark index traded volatile before closing with 0.44% cut at 17077 level. Banking index underperformed the benchmark index as it closed with 0.96% cut at 39617 level.
* India VIX closed with 2.14% cut at 14.49 level.
* Among Sectors FMCG and PHARMA index outperformed the benchmark index as they closed with 0.35% and 0.22% gains respectively while PSUBANK index underperformed as it closed with 1.74% cut. Broader market traded in line with the benchmark index as both MIDCAP and SAMLLCAP index closed with 0.45% and 0.15% 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) closed with minor cut while US markets (DJIA) closed higher yesterday. Asian Markets are trading mixed today.
Intraday Market Outlook
* Benchmark index is likely to trade volatile today with support at 16950 - 16900 level and resistance at 17200 – 17250 level.
* Banking index is likely to trade in line with the benchmark index today with support at 39200 - 39000 level and resistance at 40000 - 40200 level.
* TCS has closed near important support levels and it is likely to bounce back today.
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