Benchmark index is likely to trade range bound today - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded range bound and closed flat at 25940 level yesterday. Banking index lagged the benchmark index as it closed with 0.25% cut at 53968 level.
* India VIX closed with 2.85% cut at 13.39 level.
* Among Sectors NIFTYMETAL outperformed the benchmark index as it closed with 2.97% gain while PSUBANK underperformed as it closed with 0.86% cut.
* Broader market traded mixed as MIDCAP index closed with 0.23% gain while SMALLCAP index closed with 0.56% cut.
* Advance/Decline ratio was equal as 1:1 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 yesterday. Asian Markets are trading higher today.
Intraday Market Outlook
* Benchmark index is likely to trade range bound today. Index has support at 25800 - 25700 level and resistance at 26100 - 26200 level.
* Banking index is likely to trade volatile on monthly expiry today with support at 53500 - 53200 level and resistance at 54400 - 54700 level.
* HCLTECH 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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