Banking index is likely to trade in line with the benchmark index today with support at 50700 - 50500 level and resistance at 51600 - 51800 level - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded volatile before closing with 0.24% gain at 25010 level. Banking index underperformed the benchmark index as it closed with 0.02% gain at 51564 level.
* India VIX closed with 2.42% cut at 12.93 level.
* Among Sectors NIFTYENERGY index performed better than the benchmark index as it closed with 1.97% gain while NIFTYPSUBANK index underperformed as it closed with 1.89% cut.
* Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP closed with 0.85% and 0.98% cut respectively.
* Advance/Decline ratio was in favour of advances and cash turnover was lower than 5-day average. FII were net buyers while DII were net sellers in the cash segment.
* European markets (DAX) and US markets (DJIA) closed lower yesterday. Asian Markets are following suit and trading lower today.
Intraday Market Outlook
* Benchmark index is likely to open lower on unfavourable global cues and trade with negative bias today. Index has support at 24750 - 24650 level and resistance at 25000 - 25100 level.
* Banking index is likely to trade in line with the benchmark index today with support at 50700 - 50500 level and resistance at 51600 - 51800 level.
* HAL closed with bearish candlestick pattern and it is likely to trade with negative bias today.
NIFTY (Daily) Chart
BANK NIFTY (Daily) Chart
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