Benchmark index is likely to trade range bound today - Monarch Networth Capital Ltd
TECHNICAL OUTLOOK
* Benchmark index traded volatile on monthly expiry before closing with 0.81% gain at 26216 level yesterday. Banking index lagged as it closed with 0.51% gain at 54375 level.
* India VIX closed with 5.81% cut at 12.02 level.
* Among Sectors NIFTYAUTO outperformed the benchmark index as it closed with 2.26% gain while NIFTYPHARMA lagged as it closed flat.
* Broader market underperformed the benchmark index as MIDCAP index closed flat while SMALLCAP index closed with 0.50% cut.
* Advance/Decline ratio was in favour of advances and cash turnover was lower than 5-day average. Both FII and DII were net buyers in the cash segment.
* Both European markets (DAX) and US markets (DJIA) closed higher yesterday. However, Asian Markets are trading higher today.
Intraday Market Outlook
* Benchmark index is likely to trade range bound today. Index has support at 26050 - 26000 level and resistance at 26350 - 26400 level.
* Banking index is likely to perform in line with benchmark index today with support at 54000 - 53800 level and resistance at 54800 - 55000 level.
* ITC 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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