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2024-04-02 09:45:41 am | Source: Monarch Networth Capital Ltd
Banking index is likely to trade in line with the benchmark index today with support at 47300 - 47100 level and resistance at 47900 - 48100 level - Monarch Networth Capitals
Banking index is likely to trade in line with the benchmark index today with support at 47300 - 47100 level and resistance at 47900 - 48100 level - Monarch Networth Capitals

TECHNICAL OUTLOOK

* Benchmark index traded with positive bias yesterday as it closed with 0.61% gain at 22462 level. Banking index outperformed the benchmark index as it closed with 0.96% gain at 47578 level.

* India VIX closed with 5.84% cut at 12.08 level. ? Among Sectors NIFTYMEDIA index performed better than the benchmark index as it closed with 4.69% gain while NIFTYAUTO index underperformed as it closed with 0.16% cut.

* Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.74% and 3.26% 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) was shut yesterday while US markets (DJIA) closed lower yesterday. Asian Markets are largely trading higher today.

Intraday Market Outlook

* Benchmark index is likely to trade range bound today with support at 22350 - 22300 level and resistance at 22550 - 22600 level.

* Banking index is likely to trade in line with the benchmark index today with support at 47300 - 47100 level and resistance at 47900 - 48100 level.

* COALINDIA 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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