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Benchmark index is likely to trade range bound today - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded range bound before closing with 0.14% cut at 26179 level on Friday. Banking index underperformed as it closed with 1.00% cut at 53834 level.
* India VIX closed with 0.33% cut at 11.96 level.
* Among Sectors NIFTYPSE outperformed the benchmark index as it closed with 1.51% gain while NIFTYREALTY underperformed as it closed with 1.19% cut.
* Broader market performed in line with the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.15% and 0.10% cut respectively.
* Advance/Decline ratio was in favour of advances and cash turnover was higher than 5-day average. FII were net sellers while DII were net buyers in the cash segment.
* Both European markets (DAX) and US markets (DJIA) closed higher on Friday. However, Asian Markets are trading mixed today.
Intraday Market Outlook.
* Benchmark index is likely to trade range bound today. Index has support at 26000 - 25950 level and resistance at 26300 - 26350 level.
* Banking index is likely to trade with negative bias today with support at 53300 - 53000 level and resistance at 54100 - 54300 level.
* LUPIN has 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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