IGI Logo

TECHNICAL OUTLOOK

* Benchmark index traded on a negative note before closing with 1.53% cut at 16245 level. Banking index performed in line with the benchmark index as it closed with 1.54% cut at 34408 level

* India VIX closed with 0.71% cut at 27.96 level

* Among Sectors, IT index performed better as it closed with minor 0.14% gain while AUTO and METAL index underperformed as they closed with 3.55% and 3.22% cut. Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 2.08% and 1.78% 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 with deep cut on Friday. Asian Markets are following suit and trading lower today as crude oil prices surged to highest levels since 2008.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to open gap down and trade with negative bias today. Index has support at 15800 - 15600 level and resistance at 16250 - 16350 level

* Banking index is likely to trade in line with the benchmark index today with support at 33300 - 32800 level and resistance at 34400 - 34600 level.

* TVSMOTOR has closed with bearish candlestick formation. Stock is trading below 21EMA and it is likely to continue it negative momentum today as well.

BANK NIFTY (Daily) Chart

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