Benchmark index is likely to trade range bound today. Index has support at 21250 - 21200 level - Monarch Networth Capital
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TECHNICAL OUTLOOK
* Benchmark index traded volatile on friday before closing with 0.44% gain at 21349 level. Banking index underperformed the benchmark index as it closed with 0.73% cut at 47491 level.
* India VIX closed with 0.36% cut at 13.70 level. ? Among Sectors NIFTYREALTY index performed better than the benchmark index as it closed with 2.55% gain while PSUBANK index underperformed as it closed with 0.69% cut.
* Broader market outperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.74% and 1.04% gains respectively.
* Advance/Decline ratio was in favour of advances and cash turnover was lower than 5-day average. FII were net sellers while DII were net buyers in the cash segment.
* European markets (DAX) closed with minor gain while US markets (DJIA) closed flat on Friday. Asian Markets are trading mixed today.
Intraday Market Outlook
* Benchmark index is likely to trade range bound today. Index has support at 21250 - 21200 level and resistance at 21500 – 21550 level.
* Banking index is likely to trade in line with benchmark index today with support at 47200 - 47000 level and resistance at 47800 - 48000 level.
* MANAPPURAM has closed with bullish candlestick and it is likely to trade with positive bias today
NIFTY (Daily) Chart
BANK NIFTY (Daily) Charts
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Pre-market comment by Deven Mehata , Choice Broking
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