Banking index is likely to trade in line with the benchmark index - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded volatile yesterday before closing with 0.32% gain at 21910 level. Banking index outperformed the benchmark index as it closed with 0.68% gain at 46218 level.
* India VIX closed with 1.36% cut at 15.22 level.
* Among Sectors NIFTYPSUBANK index performed better than the benchmark index as it closed with 3.27% gain while NIFTYFMCG index underperformed as it closed with 0.96% cut.
* Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.01% and 1.32% gains 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.
* European markets (DAX) and US markets (DJIA) closed higher yesterday. Asian Markets are following suit and trading with positive bias today.
Intraday Market Outlook
* Benchmark index is likely to open higher on favourable global cues and trade volatile today. Index has support at 21850 - 21800 level and resistance at 22050 - 22100 level.
* Banking index is likely to trade in line with the benchmark index today with support at 46000 - 45800 level and resistance at 46600 - 46800 level.
* NTPC has closed with bullish candlestick and it is likely to trade with positive bias today
NIFTY (Daily) Chart
BANK NIFTY (Daily) Charts
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