Benchmark index traded volatile before closing with minor 0.01% gain at 16282 level - Monarch Networth Capital
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/08/2afdcad33c49362993dc0eb1b22ed56c.jpg)
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TECHNICAL OUTLOOK
* Benchmark index traded volatile before closing with minor 0.01% gain at 16282 level. Banking index underperformed the benchmark index as it closed with 0.63% cut at 35806 level.
* India VIX closed unchanged at 12.71 level
* Among Sectors, METAL and PSE index outperformed the benchmark index as they closed with 3.14% and 1.58% gains while PHARMA and BANKING index underperformed as they closed with 1.46% and 0.63% cut respectively. Broader market lagged the benchmark index as MID cap index and small cap index closed with 0.12% and 0.69% cut
* Advance/Decline ratio was in favour of declines and cash turnover was higher than 5 day average. Both FII and DII were net buyers in the cash segment
* European markets (DAX) and US markets (DJIA) closed higher yesterday. However, Asian markets are trading mixed today.
NIFTY (Daily) Chart
Intraday Market Outlook
* Benchmark index is likely to trade volatile today on weekly expiry. Nifty has support at 16150 - 16050 level and resistance at 16400 - 16450 level
* Banking index is likely to trade in line with benchmark index today with support at 35500 - 35200 level and resistance at 36200 - 36500 level
* VEDL has given fresh breakout from consolidation with bullish candlestick formation accompanied by above average volumes. Prices are trading above 21 EMA and it is likely to continue its upside momentum today as well
BANK NIFTY (Daily) Chart
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