Benchmark index traded volatile before closing with minor 0.06% cut at 17656 - Monarch Networth Capital
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TECHNICAL OUTLOOK
* Benchmark index traded volatile before closing with minor 0.06% cut at 17656 level. Banking index underperformed the benchmark index as it closed with 0.35% cut at 39667 level
* India VIX closed with 0.66% cut at 19.53 level .
* Among Sectors, METAL and ENERGY index outperformed the benchmark index as they closed with 1.32% and 1.29% gains while FMCG and MEDIA index lagged as they closed with 0.52% and 0.40% cut respectively. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.58% and 0.29% gains respectively.
* Advance/Decline ratio was in favour of declines and cash turnover was lower than 5-day average. Both FII and DII were net buyers in the cash segment
* European markets (DAX) closed higher while US markets (DJIA) closed lower yesterday. Asian Markets are trading lower today.
Intraday Market Outlook
* Benchmark index is likely to open lower and trade volatile today on the back of weak global cues. Index has support at 17450 - 17350 level and resistance at 17700 - 17800 level
* Banking index is likely to trade in line with the benchmark index today with support at 39200 - 39000 level and resistance at 39700 - 40000 level
* ACC has closed with bullish candlestick formation above 21 EMA and it is likely to continue its positive momentum today as well.
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