Banking index is likely to perform in line with benchmark index today with support at 53700 - 53500 level and resistance at 54600 - 54800 level - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded range bound before closing with 0.25% gain at 26004 level yesterday. Banking index performed in line with the benchmark index as it closed with 0.25% gain at 54101 level.
* India VIX closed with 4.85% cut at 12.74 level.
* Among Sectors NIFTYMEDIA outperformed the benchmark index as it closed with 2.94% gain while PSUBANK underperformed as it closed with 0.87% cut.
* Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.63% and 0.42% cut respectively.
* Advance/Decline ratio was in favour of advances and cash turnover was lower than 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. However, Asian Markets are trading higher today.
Intraday Market Outlook
* Benchmark index is likely to trade volatile on monthly expiry today. Index has support at 25850 - 25800 level and resistance at 26150 - 26200 level.
* Banking index is likely to perform in line with benchmark index today with support at 53700 - 53500 level and resistance at 54600 - 54800 level.
* ITC 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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