Benchmark index is likely to trade range bound today - Monarch Networth Capital Ltd
TECHNICAL OUTLOOK
* Benchmark index traded volatile yesterday before closing with 0.16% gain at 23537 level. Banking index performed in line with the benchmark index as it closed with 0.08% gain at 51704 level.
* India VIX closed with 6.66% gain at 14.05 level.
* Among Sectors NIFTYAUTO index performed better than the benchmark index as it closed with 0.87% gain while NIFTYMEDIA index underperformed as it closed with 1.87% cut.
* Broader market performed mixed as MIDCAP index closed with 0.27% gain while SMALLCAP index closed with 0.10% cut.
* Advance/Decline ratio was in favour of advances and cash turnover was lower than 5-day average. Both FII and DII were net sellers in the cash segment.
* European markets (DAX) and US markets (DJIA) closed higher yesterday. Asian Markets are largely trading higher today.
Intraday Market Outlook
* Benchmark index is likely to trade range bound today. Index has support at 23400 - 23350 level and resistance at 23650 - 23700 level.
* Banking index is likely to trade in line with the benchmark index today with support at 51400 - 51200 level and resistance at 52100 - 52300 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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Post market comment by Mandar Bhojane, Research Analyst, Choice Broking