IGI Logo

TECHNICAL OUTLOOK

* Benchmark index traded with positive bias yesterday as it closed with 2.05% gain at 23290 level. Banking index underperformed the benchmark index as it closed with 1.04% gain at 49803 level.

* India VIX closed with 0.49% gain at 16.88 level.

* Among Sectors NIFTYIT index performed better than the benchmark index as it closed with 3.37% gain while NIFTYFMCG index underperformed as it closed with 1.01% gain.

* Broader market performed in line with the benchmark index as both MIDCAP index and SMALLCAP index closed with 1.49% and 2.31% gains respectively.

* Advance/Decline ratio was in favour of advances and cash turnover was lower than 5-day average. FII were net buyers while DII were net sellers in the cash segment.

* European markets (DAX) and US markets (DJIA) closed lower on Friday. Asian Markets are trading mixed today.

Intraday Market Outlook

* Benchmark index is likely to trade range bound today. Index has support at 23100 - 23000 level and resistance at 23500 - 23600 level.

* Banking index is likely to trade in line with the benchmark index today with support at 49300 - 49000 level and resistance at 50200 - 50500 level.

* CIPLA closed with positive candlestick pattern and it is likely to trade with positive bias today

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

Please refer disclaimer at https://www.mnclgroup.com/disclaimer

SEBI Registration Number : INZ000043833