Benchmark index is likely to trade range bound today. Index has support at 22450 - 22400 level and resistance at 22700 - 22750 level - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded range bound yesterday before closing with 0.31% gain at 22598 level. Banking index underperformed the benchmark index as it closed with 0.55% cut at 47782 level.
* India VIX closed with 1.57% cut at 21.46 level.
* Among Sectors NIFTYFMCG index performed better than the benchmark index as it closed with 1.43% gain while NIFTYMETAL index underperformed as it closed with 0.62% cut.
* Broader market performed mixed as MIDCAP index closed with 0.19% gain while SMALLCAP index closed with 0.35% cut.
* Advance/Decline ratio was in favour of advances 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 lower yesterday. Asian Markets are largely trading lower today.
Intraday Market Outlook
* Benchmark index is likely to trade range bound today. Index has support at 22450 - 22400 level and resistance at 22700 - 22750 level.
* Banking index is likely to outperform the benchmark index today with support at 47400 -47200 level and resistance at 48300 - 48500 level.
* VEDL closed with negative candlestick pattern and it is likely to trade with negative bias today.
NIFTY (Daily) Chart
BANK NIFTY (Daily) Chart
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