Benchmark index is likely to trade volatile today - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded with negative bias as it closed with 1.35% cut at 24336 level yesterday. Banking index lagged the benchmark index as it closed with 1.39% cut at 52835 level.
* India VIX closed with 3.32% gain at 14.48 level.
* Among Sectors, NIFTYMEDIA outperformed the benchmark index as it closed with 0.02% gain while NIFTYPSUBANK underperformed as it closed with 1.82% cut.
* Broader market performed better than the benchmark index as both MIDCAP and SMALLCAP index closed with 0.57% and 0.68% cut respectively.
* Advance/Decline ratio was in favour of declines and cash turnover was higher than the 5-day average. FII were net sellers and DII were net buyers in the cash segment.
* Both European markets (DAX) and US markets (DJIA) closed lower yesterday. However, Asian Markets are largely trading higher today.
Intraday Market Outlook
* Benchmark index is likely to trade volatile today. Index has support at 24200 - 24100 level and resistance at 24500 - 24600 level.
* Banking index is likely to trade in line with the benchmark index with support at 52300 - 52000 level and resistance at 53300 - 53600 level.
* ITC closed with reversal candlestick pattern and it is likely to trade with a positive bias today.
NIFTY (Daily) Chart
BANK NIFTY (Daily) Chart
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