Benchmark index is likely to trade range bound today - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded volatile before closing with 0.17% gain at 24812 level yesterday. Banking index outperformed the benchmark index as it closed with 0.59% gain at 50986 level.
* India VIX closed with 2.59% cut at 13.0 level.
* Among Sectors NIFTYMETAL and NIFTYPSUBANK index outperformed the benchmark index as they closed with 0.7% gain each while NIFTYENERGY index underperformed as it closed with 0.6% cut.
* Broader market performed better than the benchmark index as both MIDCAP and SMALLCAP index closed with 0.7% and 0.2% gains respectively.
* Advance/Decline ratio was in favour of advances and cash turnover was higher than 5-day average. Both FII and DII were net buyers in the cash segment.
* European markets (DAX) closed higher while US markets (DJIA) closed lower yesterday. Asian Markets are largely trading lower today.
Intraday Market Outlook
* Benchmark index is likely to trade range bound today. Index has support at 24650 - 24600 level and resistance at 24950 - 25000 level.
* Banking index is likely to trade in line with the benchmark index today with support at 50600 - 50400 level and resistance at 51400 - 51600 level.
* HINDUNILVR 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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