IGI Logo

TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.03% cut at 24141 level on yesterday. Banking index outperformed the benchmark index as it closed with 0.61% gain at 51876 level.

* India VIX closed with 1.38% cut at 14.27 level.

* Among Sectors NIFTYIT outperformed the benchmark index as it closed with 1.28% gain while NIFTYMEDIA underperformed as it closed with 1.30% cut.

* Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.88% and 1.20% cut respectively.

* Advance/Decline ratio was in favour of declines and cash turnover was lower than the 5-day average. FII were net sellers while DII were net buyers in the cash segment.

* Both European markets (DAX) and US markets (DJIA) closed higher yesterday. However, Asian Markets are trading mixed today.

Intraday Market Outlook

*  Benchmark index is likely to trade range bound today. Index has support at 24000 - 23950 level and resistance at 24350 - 24400 level.

* Banking index is likely to perform in line with benchmark index today with support at 51400 - 51200 level and resistance at 52300 - 52500 level.

* AXISBANK closed with a positive candlestick pattern and it is likely to trade with a positive bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

Please refer disclaimer at https://www.mnclgroup.com/disclaimer

SEBI Registration Number : INZ000043833