Banking index is likely to trade in line with the benchmark index today with support at 50800 - 50600 level and resistance at 51700 - 51900 level - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded range bound before closing with 0.03% gain at 25018 level yesterday. Banking index outperformed the benchmark index as it closed with 0.26% gain at 51279 level.
* India VIX closed with 0.72% cut at 13.70 level.
* Among Sectors FINNIFTY outperformed the benchmark index as it closed with 0.82% gain while NIFTYFMCG index underperformed as it closed with 1.06% cut.
* Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.49% and 1.05% gains respectively.
* Advance/Decline ratio was in favour of declines 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) closed higher while US markets (DJIA) closed with minor gain yesterday. Asian Markets are largely trading lower today.
Intraday Market Outlook
* Benchmark index is likely to trade range bound today. Index has support at 24850 - 24800 level and resistance at 25150 - 25200 level.
* Banking index is likely to trade in line with the benchmark index today with support at 50800 - 50600 level and resistance at 51700 - 51900 level.
* INFY 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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