Benchmark index is likely to trade range bound today - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded range bound on Friday as it closed with 0.05% cut at 22957 level. Banking index outperformed the benchmark index as it closed with 0.42% gain at 48971 level.
* India VIX closed with 1.54% gain at 21.71 level.
* Among Sectors NIFTYPSE index performed better than the benchmark index as it closed with 1.21% gain while NIFTYFMCG index underperformed as it closed with 0.80% cut.
* Broader market underperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.01% and 0.17% cut respectively.
* Advance/Decline ratio was in favour of declines and cash turnover was higher than 5-day average. FII were net sellers while DII were net buyers in the cash segment.
* European markets (DAX) and US markets (DJIA) closed almost flat on Friday. Asian Markets are largely trading higher today
Intraday Market Outlook
* Benchmark index is likely to trade Range bound today. Index has support at 22800 - 22750 level and resistance at 23150 - 23200 level.
* Banking index is likely to trade in line with the benchmark index today with support at 48600 -48400 level and resistance at 49400 - 49600 level.
* ICICIBANK closed with positive candlestick pattern and it is likely to trade with positive bias today.
NIFTY (Daily) Chart
BANK NIFTY (Daily) Chart
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