03-06-2024 09:50 AM | Source: Monarch Networth Capital Ltd
Benchmark index is likely to open higher on the favourable exit poll results and trade volatile today - Monarch Networth Capital Ltd

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TECHNICAL OUTLOOK

* Benchmark index traded volatile on Friday before closing with 0.19% gain at 22530 level. Banking index outperformed the benchmark index as it closed with 0.62% gain at 48984 level.

* India VIX closed with 1.77% gain at 24.60 level.

* Among Sectors NIFTYREALTY index performed better than the benchmark index as it closed with 2.34% gain while NIFTYMEDIA index underperformed as it closed with 1.39% cut.

* Broader market outperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.54% and 0.50% gains respectively.

* Advance/Decline ratio was in favour of advances and cash turnover was higher than 5-day average. Both FII and DII were net buyers in the cash segment.

* European markets (DAX) closed flat while US markets (DJIA) closed higher on Friday. Asian Markets are trading higher today.

Intraday Market Outlook

* Benchmark index is likely to open higher on the favourable exit poll results and trade volatile today. Index has support at 22800 - 22700 level and resistance at 23200 - 23500 level.

* Banking index is likely to trade in line with the benchmark index today with support at 50000 - 49700 level and resistance at 51000 - 52000 level.

* RELIANCE closed with positive candlestick pattern and it is likely to trade with positive bias today

NIFTY (Daily) Chart

 

BANK NIFTY (Daily) Chart

 

 

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