Benchmark index is likely to trade with mild positive bias today - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded volatile on monthly expiry before closing with 0.40% gain at 25151 level yesterday. Banking index underperformed the benchmark index as it closed flat at 51152 level.
* India VIX closed with 1.16% cut at 13.78 level.
* Among Sectors NIFTYFMCG outperformed the benchmark index as it closed with 0.72% gain while NIFTYMETAL and NIFTYPHARMA index underperformed as they closed with 0.48% cut each
* Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.44% and 0.54% cut respectively.
* Advance/Decline ratio was in favour of advances and cash turnover was higher than 5-day average. Both FII and DII were net buyers in the cash segment.
* Both European markets (DAX) and US markets (DJIA) closed higher 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 25050 - 25000 level and resistance at 25300 - 25350 level.
* Banking index is likely to outperform the benchmark index today with support at 50800 - 50600 level and resistance at 51700 - 51900 level.
* IOC has 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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