Benchmark index is likely to trade volatile today - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded volatile before closing with 0.91% gain at 24213 level yesterday. Banking index outperformed the benchmark index as it closed with 1.94% gain at 52207 level.
* India VIX closed with 3.39% cut at 16.12 level.
* Among Sectors NIFTYMETAL outperformed the benchmark index as it closed with 2.84% gain while NIFTYFMCG underperformed as it closed with 0.34% cut.
* Broader market lagged the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.59% and 0.43% gains respectively.
* Advance/Decline ratio was in favour of advances and cash turnover was higher than the 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 mixed today.
Intraday Market Outlook
* Benchmark index is likely to trade volatile today. Index has support at 23900 - 23800 level and resistance at 24500 - 24600 level.
* Banking index is likely to perform in line with benchmark index today with support at 51600 - 51300 level and resistance at 52800 - 53000 level.
* HDFCBANK closed with positive candlestick pattern and it is likely to trade with a positive bias today.
NIFTY (Daily) Chart
BANK NIFTY (Daily) Chart
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