Banking index is likely to trade in line with benchmark index today with support at 48000 - 47800 level - Monarch Networth Capital
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TECHNICAL OUTLOOK
* Benchmark index traded with positive bias yesterday as it closed with 1.00% gain at 21654 level. Banking index performed slightly better than the benchmark index as it closed with 1.17% gain at 48282 level.
* India VIX closed with 6.00% gain at 15.55 level.
* Among Sectors PSUBANK index performed better than the benchmark index as it closed with 2.06% gain while NIFTYPSE index underperformed as it closed with 0.54% cut.
* Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.41% and 0.20% gains respectively.
* Advance/Decline ratio was in favour of advances and cash turnover was lower than 5-day average. FII were net buyers while DII were net sellers in the cash segment.
* European markets (DAX) and US markets (DJIA) closed higher yesterday. Asian Markets are largely trading higher today.
Intraday Market Outlook
* Benchmark index is likely to trade with positive bias today with support at 21550 - 21500 level and resistance at 21750 – 21800 level.
* Banking index is likely to trade in line with benchmark index today with support at 48000 - 47800 level and resistance at 48700 - 48900 level.
* SBIN has closed with bullish candlestick and it is likely to trade with positive bias today.
NIFTY (Daily) Chart
BANK NIFTY (Daily) Chart
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