IGI Logo

TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.25% cut at 15692 level. Banking index performed better than the benchmark index as it closed with 0.08% minor gain at 33339 level

* India VIX closed with 1.19% gain at 22.15 level

* Among Sectors, AUTO and PHARMA index outperformed the benchmark index as they closed with 0.92% and 0.35% gains while ENERGY and PSE were the laggards as they closed with 1.19% and 1.04% cut respectively. Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.35% and 0.60% gains.

* Advance/Decline ratio was split equally and cash turnover was lower than 5- day average. FII were net sellers while DII were net buyers in the cash segment

* European markets (DAX) closed higher while US markets (DJIA) closed higher post FOMC rate hike decision yesterday. Asian Markets are following suit and trading higher today.

NIFTY (Daily) Chart

Intraday Market Outlook

* Benchmark index is likely to witness relief rally today on the back of supportive global cues. Index has support at 15600 - 15500 level and resistance at 15900 - 16000 level.

* Banking index is likely to trade in line with the benchmark index today with support at 33000 - 32700 level and resistance at 33800 - 34200 level.

* COROMANDEL 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

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