Banking index is likely to perform in line with benchmark index today with support at 52300 - 52100 level and resistance at 53300 - 53500 level - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded volatile before closing with 0.16% cut at 25377 level yesterday. Banking index outperformed the benchmark index as it closed with 1.08% gain at 52750 level
* India VIX closed with 6.22% gain at 13.37 level
* Among Sectors FINNIFTY outperformed the benchmark index as it closed with 1.40% gain while NIFTYIT underperformed as it closed with 3.05% cut.
* Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.71% and 0.39% cut respectively.
* Advance/Decline ratio was in favour of declines and cash turnover was higher than 5-day average. Both FII and DII were net buyers in the cash segment.
* Both European markets (DAX) and US markets (DJIA) closed lower yesterday. However, Asian Markets are largely trading higher today.
Intraday Market Outlook
* Benchmark index is likely to trade volatile on weekly expiry today. Index has support at 25250 - 25200 level and resistance at 25550 - 25600 level.
* Banking index is likely to perform in line with benchmark index today with support at 52300 - 52100 level and resistance at 53300 - 53500 level.
* HINDCOPPER has closed with bullish candlestick pattern and it is likely to trade with positive bias today.
NIFTY (Daily) Chart
BANK NIFTY (Daily) Chart
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