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25-06-2024 10:26 AM | Source: Monarch Networth Capital Ltd
Benchmark index is likely to trade range bound today - Monarch Networth Capital Ltd

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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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