Banking index is likely to trade in line with the benchmark index today with support at 47000 - 46700 level and resistance at 48000 - 48300 level - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded with negative bias yesterday before closing with 1.55% cut at 21957 level. Banking index performed in line with the benchmark index as it closed with 1.11% cut at 47488 level.
* India VIX closed with 6.56% gain at 18.20 level.
* Among Sectors NIFTYAUTO index performed better than the benchmark index as it closed with 0.78% gain while NIFTYPSE index underperformed as it closed with 3.41% cut.
* Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.85% and 2.83% cut respectively.
* Advance/Decline ratio was in favour of declines 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 trading higher today.
Intraday Market Outlook
* Benchmark index is likely to trade volatile today. Index has support at 21800 - 21700 level and resistance at 22150 - 22200 level.
* Banking index is likely to trade in line with the benchmark index today with support at 47000 - 46700 level and resistance at 48000 - 48300 level.
* INFY 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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