Banking index is likely to trade in line with the benchmark index today with support at 47300 - 47100 level and resistance at 48300 - 48500 level - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded range bound yesterday before closing with 0.08% cut at 22200 level. Banking index underperformed the benchmark index as it closed with 0.36% cut at 47687 level.
* India VIX closed with 0.38% gain at 20.27 level.
* Among Sectors NIFTYPSE index performed better than the benchmark index as it closed with 1.76% gain while NIFTYMEDIA index underperformed as it closed with 0.51% cut.
* Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.96% and 0.58% gains respectively.
* Advance/Decline ratio was in favour of declines and cash turnover was higher 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 higher today.
Intraday Market Outlook
* Benchmark index is likely to open higher on favourable global cues and trade volatile on weekly expiry today. Index has support at 22100 - 22000 level and resistance at 22400 - 22500 level.
* Banking index is likely to trade in line with the benchmark index today with support at 47300 - 47100 level and resistance at 48300 - 48500 level.
* ICICIBANK 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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