Banking index is likely to trade in line with the benchmark index today with support at 51000 - 50700 level and resistance at 52000 - 52200 level - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded volatile on Friday before closing with 0.28% cut at 23501 level. Banking index performed in line with the benchmark index as it closed with 0.24% cut at 51661 level.
* India VIX closed with 1.24% cut at 13.18 level.
* Among Sectors NIFTYMEDIA index performed better than the benchmark index as it closed with 0.95% gain while NIFTYFMCG index underperformed as it closed with 1.20% cut.
* Broader market performed in line with the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.08% and 0.17% 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) closed lower while US markets (DJIA) closed higher on Friday. Asian Markets are trading lower today.
Intraday Market Outlook
* Benchmark index is likely to trade with negative bias today. Index has support at 23250 - 23150 level and resistance at 23600 - 23650 level.
* Banking index is likely to trade in line with the benchmark index today with support at 51000 - 50700 level and resistance at 52000 - 52200 level.
* LT 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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