IGI Logo

TECHNICAL OUTLOOK

* Benchmark index traded with positive bias as it closed with 1.27% gain at 24297 level yesterday. Banking index underperformed the benchmark index as it closed with 0.75% gain at 50119 level.

* India VIX closed with 13.73% cut at 16.17 level.

* Among Sectors NIFTYPSE index performed better than the benchmark index as it closed with 3.91% gain and NIFTYFMCG index underperformed as it closed with 1.17% gain.

* 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 advances 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) closed higher while US markets (DJIA) closed lower yesterday. Asian Markets are largely trading lower today.

Intraday Market Outlook

* Benchmark index is likely to open lower and trade volatile today. Index has support at 24100 - 24000 level and resistance at 24400 - 24450 level.

* Banking index is likely to trade in line with the benchmark index today with support at 49600 - 49400 level and resistance at 50400 - 50600 level.

* ITC closed with bullish candlestick pattern and it is likely to trade with positive bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

Please refer disclaimer at https://www.mnclgroup.com/disclaimer

SEBI Registration Number : INZ000043833