Powered by: Motilal Oswal
2024-12-03 10:11:41 am | Source: Monarch Networth Capital Ltd
Benchmark index is likely to trade with mild positive bias today - Monarch Networth Capital Ltd

TECHNICAL OUTLOOK

* Benchmark index traded volatile before closing with 0.60% gain at 24276 level yesterday. Banking index underperformed the benchmark index as it closed with 0.10% gain at 52109 level.

* India VIX closed with 1.91% gain at 14.70 level.

* Among Sectors NIFTYREALTY outperformed the benchmark index as it closed with 3.04% gain while PSUBANK underperformed as it closed with 0.20% cut.

* Broader market traded outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.08% and 1.04% gains respectively.

* Advance/Decline ratio was in favour of advances and cash turnover was lower than the 5-day average. FII were net sellers while DII were net buyers in the cash segment.

* European markets (DAX) closed higher while US markets (DJIA) closed lower yesterday. Asian Markets are largely trading higher today.

Intraday Market Outlook

* Benchmark index is likely to trade with mild positive bias today. Index has support at 24150 - 24100 level and resistance at 24450 - 24500 level.

* Banking index is likely to trade in line with the benchmark index with support at 51700 - 51500 level and resistance at 52600 - 52800 level.

* JSWSTEEL closed with a positive candlestick pattern and it is likely to trade with a positive bias today.

NIFTY (Daily) Chart

 

BANK NIFTY (Daily) Chart

 

Please refer disclaimer at https://www.mnclgroup.com/disclaimer

SEBI Registration Number : INZ000043833

Disclaimer: The content of this article is for informational purposes only and should not be considered financial or investment advice. Investments in financial markets are subject to market risks, and past performance is not indicative of future results. Readers are strongly advised to consult a licensed financial expert or advisor for tailored advice before making any investment decisions. The data and information presented in this article may not be accurate, comprehensive, or up-to-date. Readers should not rely solely on the content of this article for any current or future financial references. To Read Complete Disclaimer Click Here