Benchmark index is likely to trade volatile today. Index has support at 24100 - 24050 level - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded volatile yesterday before closing with 0.06% gain at 24302 level. Banking index performed in line with the benchmark index as it closed with 0.03% gain at 53104 level.
* India VIX closed with 2.65% cut at 12.85 level.
* Among Sectors NIFTYPHARMA index performed better than the benchmark index as it closed with 1.39% gain while NIFTYMEDIA index underperformed as it closed with 0.45% cut.
* Broader market outperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.58% and 0.49% gains respectively.
* Advance/Decline ratio was in favour of declines and cash turnover was higher than 5-day average. FII were net buyers while DII were net sellers in the cash segment.
* European markets (DAX) closed higher while US markets (DJIA) were shut due to holiday yesterday. Asian Markets are trading mixed today.
Intraday Market Outlook
* Benchmark index is likely to trade volatile today. Index has support at 24100 - 24050 level and resistance at 24450 - 24500 level.
* Banking index is likely to trade in line with the benchmark index today with support at 52600 - 52400 level and resistance at 53400 - 53600 level.
* HCLTECH closed with bullish candlestick pattern and it is likely to trade with positive bias today
NIFTY (Daily) Chart
BANK NIFTY (Daily) Chart
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