IGI Logo

TECHNICAL OUTLOOK

▪ Benchmark index traded with negative bias as it closed with 1.73% cut at 17214 level. Banking index underperformed the benchmark index as it closed with 2.05% cut at 37995 level

▪ India VIX closed with 8.15% gain at 20.44 level

▪ Among Sectors, PSUBANK and ENERGY index outperformed as they closed with 0.92% and 0.51% gains while BANKING and FMCG index lagged as they closed with 2.05% and 1.98% cut respectively. Broader market underperformed benchmark index as both MIDCAP and SMALLCAP index closed with 1.03% and 1.34% cut respectively.

▪ Advance/Decline ratio was in favour of declines and cash turnover was higher than 5-day average. Both FII and DII were net sellers in the cash segment

▪ European markets (DAX) closed higher while US markets (DJIA) closed flat yesterday. Asian Markets are trading mixed today

Intraday Market Outlook

▪ Benchmark index is likely to trade volatile today with support at 17100 - 17000 level and resistance at 17300 - 17400 level.

▪ Banking index is likely to trade in line with the benchmark index today with support at 37600 – 37400 level and resistance at 38400 - 38600 level.

▪ BIOCON has given fresh breakout with bullish candlestick formation. Stock is trading above 21 EMA and it is likely to continue its positive price action today as well

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