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09-10-2024 10:19 AM | Source: Monarch Networth Capital
Banking index is likely to perform in line with benchmark index today with support at 50600 - 50400 level and resistance at 51700 - 52000 level - Monarch Networth Capital Ltd

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TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.88% gain at 25013 level yesterday. Banking index performed better than the benchmark index as it closed with 1.07% gain at 51021 level.

* India VIX closed with 3.27% cut at 14.58 level.

* Among Sectors NIFTYMEDIA outperformed the benchmark index as it closed with 3.11% gain while NIFTYMETALS underperformed as it closed with 0.93% cut.

* Broader market outperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 2.16% and 2.05% gains respectively.

* Advance/Decline ratio was in favour of advances and cash turnover was lower 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 today. Index has support at 24850 - 24800 level and resistance at 25250 - 25300 level.

* Banking index is likely to perform in line with benchmark index today with support at 50600 - 50400 level and resistance at 51700 - 52000 level.

* RELIANCE has closed with bullish candlestick pattern. It is likely to trade with positive bias today.

 

NIFTY (Daily) Chart

 

BANK NIFTY (Daily) Chart

 

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