Benchmark index traded with negative bias before closing with 0.94% cut at 17038 level - Monarch Networth Capital
![](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2022/04/59e01efc3b451f7b6c3752c35a1c76c0.jpg)
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TECHNICAL OUTLOOK
* Benchmark index traded with negative bias before closing with 0.94% cut at 17038 level. Banking index lagged the benchmark index as it closed with 1.03% cut at 36029 level
* India VIX closed with 7.40% gain at 20.61 level
* Among Sectors, MEDIA index outperformed the benchmark index as it closed with minor 0.07% gain while ENERGY and PSE index were the laggards as they closed with 1.30% and 1.22% cut respectively. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.86% and 0.61% cut 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 higher yesterday. Asian Markets are largely trading higher today.
NIFTY (Daily) Chart
Intraday Market Outlook
* Benchmark index is likely to trade volatile on monthly expiry day with support at 16900 - 16800 level and resistance at 17200 - 17300 level.
* Banking index is likely to trade in line with the benchmark index today with support at 35600 - 35300 level and resistance at 36400 - 36700 level.
* APOLLOTYRE has closed with bullish candlestick formation above 21 EMA and it is likely to continue its positive price action today as well.
BANK NIFTY (Daily) Chart
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