Benchmark index is likely to trade volatile on General election results today - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded with positive bias yesterday before closing with 3.25% gain at 23264 level. Banking index outperformed the benchmark index as it closed with 4.07% gain at 50980 level.
* India VIX closed with 14.90% cut at 20.93 level.
* Among Sectors NIFTYPSUBANK index performed better than the benchmark index as it closed with 8.40% gain while NIFTYPHARMA index underperformed as it closed with 0.36% gain.
* Broader market performed in line with the benchmark index as both MIDCAP index and SMALLCAP index closed with 3.19% and 2.41% gains respectively.
* Advance/Decline ratio was in favour of advances and cash turnover was higher than 5-day average. Both FII and DII were net buyers in the cash segment.
* European markets (DAX) closed higher while US markets (DJIA) closed lower yesterday. Asian Markets are trading lower today.
Intraday Market Outlook
* Benchmark index is likely to trade volatile on General election results today. Index has support at 22800 - 22600 level and resistance at 23500 - 23800 level.
* Banking index is likely to trade in line with the benchmark index today with support at 49700 - 49200 level and resistance at 52000 - 52500 level.
* HINDUNILVR 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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