Banking Index Expected to Mirror Benchmark, Support at 49500-49200 - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded with negative bias before closing with 1.36% cut at 23559 level yesterday. Banking index underperformed the benchmark index as it closed with 2.09% cut at 50088 level.
* India VIX closed with 5.79% gain at 15.43 level.
* Among Sectors NIFTYFMCG performed better than the benchmark index as it closed with 0.45% cut while NIFTYREALTY underperformed as it closed with 3.17% cut.
* Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 2.64% and 2.96% cut respectively.
* Advance/Decline ratio was in favour of declines and cash turnover was higher than the 5-day average. FII were net sellers while DII were net buyers in the cash segment.
* European markets (DAX) closed lower while US markets (DJIA) closed higher yesterday. Asian Markets are trading mixed today.
Intraday Market Outlook
* Benchmark index is likely to trade volatile on weekly expiry today. Index has support at 23300 - 23250 level and resistance at 23750 - 23800 level.
* Banking index is likely to perform in line with benchmark index today with support at 49500 - 49200 level and resistance at 50500 - 50800 level.
* HINDALCO closed with a negative candlestick pattern and it is likely to trade with a negative bias today.
NIFTY (Daily) Chart
BANK NIFTY (Daily) Chart
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