Benchmark index is likely to open lower and trade volatile on weekly expiry today - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded range bound before closing with 0.05% cut at 25796 level on Tuesday. Banking index performed in line with the benchmark index as it closed with 0.10% cut at 52922 level.
* India VIX closed with 6.26% cut at 11.98 level.
* Among Sectors NIFTYMEDIA outperformed the benchmark index as it closed with 1.60% gain while NIFTYENERGY underperformed as it closed with 0.75% cut.
* Broader market performed better than the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.34% and 0.79% gains 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.
* European markets (DAX) closed lower while US markets (DJIA) closed with minor gain yesterday. Asian Markets are trading mixed today.
Intraday Market Outlook
* Benchmark index is likely to open lower and trade volatile on weekly expiry today. Index has support at 25550 - 25450 level and resistance at 25850 - 25950 level.
* Banking index is likely to perform in line with benchmark index today with support at 52300 - 52000 level and resistance at 53000 - 53200 level.
* CIPLA 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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