Banking index is likely to perform in line with benchmark index today with support at 51800 - 51600 level and resistance at 52800 - 53000 level - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded volatile before closing with 0.52% gain at 24466 level yesterday. Banking index outperformed the benchmark index as it closed with 2.07% gain at 52320 level.
* India VIX closed with 1.57% gain at 14.51 level.
* Among Sectors NIFTYPSUBANK outperformed the benchmark index as it closed with 3.64% gain while NIFTYAUTO underperformed as it closed with 1.57% cut.
* Broader market performed in line with the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.92% and 0.76% gains respectively.
* Advance/Decline ratio was in favour of advances and cash turnover was higher 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 lower yesterday. Asian Markets are following suit and largely trading negative today.
Intraday Market Outlook
* Benchmark index is likely to trade volatile today. Index has support at 24300 - 24250 level and resistance at 24600 - 24650 level.
* Banking index is likely to perform in line with benchmark index today with support at 51800 - 51600 level and resistance at 52800 - 53000 level.
* RELIANCE has closed with bullish candlestick pattern. It is likely to trade with a positive bias today.
NIFTY (Daily) Chart
BANK NIFTY (Daily) Chart
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