IGI Logo

TECHNICAL OUTLOOK

* Benchmark index closed with 0.75% gain at 17278 level. Banking index performed better than the benchmark index as it closed with 2.05% gain at 37707 level

* India VIX closed with 6.44% cut at 21.36 level

* Among Sectors, PSUBANK and AUTO index outperformed as they closed with 4.24% and 2.32% gains while IT index lagged as it closed with 0.33% cut. Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 1.00% and 0.90% gains respectively.

* Advance/Decline ratio was in favour of advances 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) closed with gains while US markets (DJIA) gave up gains and closed lower after FOMC meeting outcome yesterday. Asian Markets are trading lower today.

Intraday Market Outlook

* Benchmark index is likely to open lower following weak global cues and trade volatile on monthly expiry day. Index has support at 16800 - 16700 level and resistance at 17100 - 17200 level.

* Banking index is likely to trade in line with the benchmark index today with support at 36800 - 36500 level and resistance at 37700 - 38000 level.

* RAMCOCEM has closed with bearish candlestick formation below 21 EMA. Stock is likely to continue its 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