Benchmark index is likely to open lower on unfavourable global cues and trade volatile today - Monarch Networth Capital Ltd
TECHNICAL OUTLOOK
* Benchmark index traded with negative bias as it closed with 1.17% cut at 24717 level on Friday. Banking index outperformed the benchmark index as it closed with 0.41% cut at 51350 level.
* India VIX closed with 10.75% gain at 14.32 level.
* Among Sectors NIFTYPHARMA index performed better than the benchmark index as it closed with 0.52% gain while NIFTYREALTY index underperformed as it closed with 3.53% cut.
* Broader market performed in line with the benchmark index as both MIDCAP index and SMALLCAP closed with 0.99% and 0.79% cut respectively.
* Advance/Decline ratio was in favour of declines 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) and US markets (DJIA) closed lower on Friday. Asian Markets are following suit and trading lower today.
Intraday Market Outlook
* Benchmark index is likely to open lower on unfavourable global cues and trade volatile today. Index has support at 24300 -24200 level and resistance at 24700 - 24800 level.
* Banking index is likely to trade in line with the benchmark index today with support at 50300 - 50000 level and resistance at 51500 - 51800 level.
* INFY closed with bearish candlestick pattern and it is likely to trade with negative bias today.
NIFTY (Daily) Chart
BANK NIFTY (Daily) Chart
Please refer disclaimer at https://www.mnclgroup.com/disclaimer
SEBI Registration Number : INZ000043833
