Banking index is likely to perform in line with benchmark index today with support at 51500 - 51300 level and resistance at 52300 - 52500 level - Monarch Networth Capital Ltd
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
TECHNICAL OUTLOOK
* Benchmark index traded with positive bias as it closed with 0.66% gain at 25128 level yesterday. Banking index outperformed the benchmark index as it closed with 1.26% gain at 51816 level.
* India VIX closed with 1.70% cut at 12.99 level.
* Among Sectors NIFTYREALTY outperformed the benchmark index as it closed with 1.61% gain while NIFTYMEDIA underperformed as it closed with 1.00% cut.
* Broader market performed in line with the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.43% and 0.43% 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.
* Both European markets (DAX) and 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 25000 - 24950 level and resistance at 25300 - 25350 level.
* Banking index is likely to perform in line with benchmark index today with support at 51500 - 51300 level and resistance at 52300 - 52500 level.
* ITC has closed with bullish candlestick pattern. It is likely to trade with positive bias today.
NIFTY (Daily) Chart
BANK NIFTY (Daily) Chart
Please refer disclaimer at https://www.mnclgroup.com/disclaimer
SEBI Registration Number : INZ000043833
