Benchmark index is likely to trade range bound today - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded with positive bias yesterday before closing with 0.55% gain at 24142 level. Banking index performed in line with the benchmark index as it closed with 0.44% gain at 52575 level.
* India VIX closed with 0.20% gain at 13.83 level.
* Among Sectors NIFTYMEDIA index performed better than the benchmark index as it closed with 2.42% gain while NIFTYPSUBANK index underperformed as it closed with 0.76% cut.
* Broader market outperformed the benchmark index as MIDCAP index and SMALLCAP index closed with 1.00% and 1.51% 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) and US markets (DJIA) closed higher yesterday. However, Asian Markets are trading mixed today.
Intraday Market Outlook
* Benchmark index is likely to trade range bound today. Index has support at 24050 - 24000 level and resistance at 24300 - 24350 level.
* Banking index is likely to trade in line with the benchmark index today with support at 52300 - 52100 level and resistance at 54000 - 54200 level.
* ITC 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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