Benchmark index is likely to open higher and trade with positive bias today - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded volatile before closing with 0.74% cut at 24117 level yesterday. Banking index outperformed the benchmark index as it closed with 0.08% gain at 50156 level.
* India VIX closed with 2.67% gain at 16.60 level.
* Among Sectors NIFTYPHARMA index performed better than the benchmark index as it closed with 0.35% gain while NIFTYIT index underperformed as it closed with 1.90% cut.
* Broader market outperformed the benchmark index as both MIDCAP index and SMALLCAP closed with 2.45% and 2.86% gains respectively.
* Advance/Decline ratio was in favour of declines and cash turnover was lower than 5-day average. FII were net sellers while DII were net buyers in the cash segment.
* European markets (DAX) and US markets (DJIA) closed higher yesterday. Asian Markets are following suit and trading higher today.
Intraday Market Outlook
* Benchmark index is likely to open higher and trade with positive bias today. Index has support at 24100 - 24050 level and resistance at 24400 - 24500 level.
* Banking index is likely to trade in line with the benchmark index today with support at 50000 - 49800 level and resistance at 50800 - 51000 level.
* HDFCBANK 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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