Banking index is likely to trade volatile today with support at 47400 - 47100 level and resistance at 48300 - 48500 level - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded with positive bias yesterday before closing with 0.51% gain at 22218 level. Banking index underperformed the benchmark index as it closed with 0.22% gain at 47859 level.
* India VIX closed with 1.97% cut at 20.19 level.
* Among Sectors NIFTYMETAL index performed better than the benchmark index as it closed with 2.77% gain while NIFTYFMCG index underperformed as it closed with 0.52% cut.
* Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.98% and 2.03% gains respectively.
* Advance/Decline ratio was in favour of advances 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 yesterday. Asian Markets are largely trading higher today.
Intraday Market Outlook
* Benchmark index is likely to trade range bound today. Index has support at 22100 - 22000 level and resistance at 22350 - 22400 level.
* Banking index is likely to trade volatile today with support at 47400 - 47100 level and resistance at 48300 - 48500 level.
* NMDC has closed with bullish candlestick and it is likely to trade with positive bias today.
NIFTY (Daily) Chart
BANK NIFTY (Daily) Chart
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