Benchmark index is likely to open higher on favourable global cues and trade volatile today - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded volatile before closing with 0.15% gain at 25416 level yesterday. Banking index performed better than the benchmark index as it closed with 0.54% gain at 53037 level.
* India VIX closed with 6.75% cut at 12.47 level.
* Among Sectors NIFTYFMCG outperformed the benchmark index as it closed with 0.56% gain while NIFTYMEDIA underperformed as it closed with 2.45% cut.
* Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.67% and 1.26% cut 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.
* Both European markets (DAX) and US markets (DJIA) closed higher yesterday. Asian Markets are largely trading higher today.
Intraday Market Outlook
* Benchmark index is likely to open higher on favourable global cues and trade volatile today. Index has support at 25350 - 25300 level and resistance at 25600 - 25650 level.
* Banking index is likely to perform in line with benchmark index today with support at 52600 - 52400 level and resistance at 53500 - 53700 level.
* KOTAKBANK 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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