Benchmark index is likely to open higher on favourable global cues and trade volatile on weekly expiry today - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded volatile before closing with 0.49% cut at 24918 level yesterday. Banking index performed in line with the benchmark index as it closed with 0.51% cut at 51010 level
* India VIX closed with 2.0% gain at 13.62 level
* Among Sectors PSUBANK underperformed the benchmark index as it closed with 1.75% cut.
* Broader market underperformed the benchmark index as both MIDCAP100 and SMALLCAP100 index closed with 0.17% and 0.81% cut respectively.
* Advance/Decline ratio was in favour of declines and cash turnover was lower than 5-day average. Both FII and DII were net buyers in the cash segment.
* Both European markets (DAX) and US markets (DJIA) closed higher yesterday. Asian Markets are trading with positive bias today.
Intraday Market Outlook
* Benchmark index is likely to open higher on favourable global cues and trade volatile on weekly expiry today. Index has support at 24850 - 24800 level and resistance at 25100 - 25150 level.
* Banking index is likely to perform in line with benchmark index today with support at 50700 - 50500 level and resistance at 51500 - 51700 level.
* ICICIBANK has 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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