Benchmark index traded with positive bias as it closed with 1.57% gain at 17594 level - Monarch Networth Capital
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TECHNICAL OUTLOOK
Benchmark index traded with positive bias as it closed with 1.57% gain at 17594 level. Banking index outperformed the benchmark index as it closed with 2.13% gain at 41251 level.
India VIX closed with 6.09% cut at 12.18 level.
Among Sectors PSUBANK index outperformed the benchmark index as it closed with 5.40% gain while PHARMA index underperformed the benchmark index as it closed with 0.18% gain. Broader market performed in line with the benchmark index as both MIDCAP and SAMLLCAP index closed with 0.58% and 0.68% gains respectively.
Advance/Decline ratio was in favour of advances and cash turnover was lower than 5-day average. Both FII & DII were net buyers in the cash segment.
European markets (DAX) and US markets (DJIA) closed higher on Friday. However, Asian Markets are trading mixed today.
Intraday Market Outlook
Benchmark index is likely to open higher following favourable global cues and trade with mild positive bias today. Index has support at 17500 - 17450 level and resistance at 17700 – 17750 level.
Banking index is likely to trade in line with benchmark index today with support at 41000 - 40800 level and resistance at 41700 - 42000 level.
ICICIBANK has closed above 21EMA with bullish candlestick and it is likely to trade with positive bias today as well.
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