IGI Logo

TECHNICAL OUTLOOK

* Benchmark index traded with negative bias as it closed with 2.68% cut at 24055 level yesterday. Banking index performed in line with the benchmark index as it closed with 2.45% cut at 50092 level.

* India VIX closed with 42.23% gain at 20.36 level.

* Among Sectors NIFTYFMCG index performed better than the benchmark index as it closed with 0.32% cut however NIFTYMETAL index underperformed as it closed with 4.85% cut.

* Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP closed with 3.55% and 4.57% cut 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 lower yesterday. Asian Markets are witnessing recovery today and trading higher today after sharp selloff in previous two trading sessions.

Intraday Market Outlook

* Benchmark index is likely to open higher and trade volatile today. Index has support at 23900 - 23850 level and resistance at 24350 - 24400 level.

* Banking index is likely to trade in line with the benchmark index today with support at 49700 - 49500 level and resistance at 50600 - 50800 level.

* HDFCLIFE closed with bullish candlestick pattern and it is likely to trade with positive bias today

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

Please refer disclaimer at https://www.mnclgroup.com/disclaimer

SEBI Registration Number : INZ000043833