Benchmark index is likely to trade with mild positive bias today - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded with positive bias before closing with 0.42% gain at 24854 level on Friday. Banking index outperformed the benchmark index as it closed with 1.57% gain at 52094 level.
* India VIX closed with 2.61% cut at 13.03 level.
* Among Sectors NIFTYMETAL outperformed the benchmark index as it closed with 1.57% gain while NIFTYIT underperformed as it closed with 1.47% cut.
* Broader market lagged the benchmark index as both MIDCAP index and SMALLCAP index closed with 0.31% and 0.06% 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 on Friday. However, Asian Markets are trading mixed today.
Intraday Market Outlook
* Benchmark index is likely to trade with mild positive bias today. Index has support at 24750 - 24700 level and resistance at 25000 - 25050 level.
* Banking index is likely to perform in line with benchmark index today with support at 51800 - 51600 level and resistance at 52500 - 52700 level.
* SBIN has closed with bullish candlestick pattern. It is likely to trade with a positive bias today
NIFTY (Daily) Chart
BANK NIFTY (Daily) Chart
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