Banking index is likely to trade in line with the benchmark index today with support at 50200 - 50000 level and resistance at 51000 - 51200 level - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded with positive bias as it closed with 1.65% gain at 24541 level on Friday. Banking index performed in line with the benchmark index as it closed with 1.60% gain at 50516 level.
* India VIX closed with 6.6% cut at 14 level.
* Among Sectors NIFTYIT and NIFTYREALTY index outperformed the benchmark index as it closed with 2.9% and 2.5% gains respectively, NIFTYPHARMA index underperformed as it closed with 0.4% gain.
* Broader market performed better than the benchmark index as both MIDCAP and SMALLCAP index closed with 1.9% gains.
* Advance/Decline ratio was in favour of declines and cash turnover was lower than 5-day average. Both FII and DII were net buyers in the cash segment.
* European markets (DAX) and US markets (DJIA) closed higher on Friday. Asian Markets are trading mixed today.
Intraday Market Outlook
* Benchmark index is likely to trade with positive bias today. Index has support at 24400 - 24350 level and resistance at 24750 - 24800 level.
* Banking index is likely to trade in line with the benchmark index today with support at 50200 - 50000 level and resistance at 51000 - 51200 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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