Banking index is likely to trade in line with the benchmark index today with support at 49500 - 49300 level and resistance at 50400 - 50600 level - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded range bound before closing with 0.02% gain at 24143 level on Wednesday. Banking index underperformed the benchmark index as it closed with 0.21% cut at 49727 level.
* India VIX closed with 4.53% cut at 15.43 level.
* Among Sectors NIFTYIT index performed better than the benchmark index as it closed with 1.58% gain while NIFTYMETAL index underperformed as it closed with 1.26% cut.
* Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.59% and 0.64% 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 following suit and trading higher today.
Intraday Market Outlook
* Benchmark index is likely to open higher following favourable global cues and trade volatile today. Index has support at 24100 - 24050 level and resistance at 24400 - 24450 level.
* Banking index is likely to trade in line with the benchmark index today with support at 49500 - 49300 level and resistance at 50400 - 50600 level.
* RELIANCE closed with bullish candlestick pattern and it is likely to trade with positive bias today.
NIFTY (Daily) Chart
BANK NIFTY (Daily) Chart
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