Benchmark index traded with negative bias as it closed with 0.51% cut at 17304 level - Monarch Networth Capital
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TECHNICAL OUTLOOK
Benchmark index traded with negative bias as it closed with 0.51% cut at 17304 level. Banking index performed better than the benchmark index as it closed with 0.09% cut at 40269 level.
India VIX closed with 1.05% gain at 14.02 level.
Among Sectors MEDIA index outperformed the benchmark index as it closed with 2.46% gain while PHARMA index underperformed the benchmark index as it closed with 1.31% cut. Broader market outperformed the benchmark index as both MIDCAP and SAMLLCAP index closed with 0.60% and 0.40% gains respectively.
Advance/Decline ratio was in favour of declines and cash turnover was higher 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. However, Asian Markets are largely trading higher today.
Intraday Market Outlook
Benchmark index is likely to trade volatile today with support at 17200 - 17150 level and resistance at 17450 – 17500 level
Banking index is likely to trade with mild positive bias today with support at 40000 - 39800 level and resistance at 40700 - 40900 level.
COLPAL has closed above 21EMA with bullish candlestick and it is likely to trade with positive bias today as well.
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