Benchmark index is likely to trade with the positive bias today - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded range bound yesterday before closing with 0.14% gain at 22368 level. Banking index performed in line with the benchmark index as it closed with 0.10% gain at 47970 level.
* India VIX closed with 19.72% cut at 10.19 level.
* Among Sectors NIFTYREALTY index performed better than the benchmark index as it closed with 2.58% gain while NIFTYPHARMA index underperformed as it closed with 0.96% cut.
* Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.06% and 1.23% gains respectively.
* Advance/Decline ratio was in favour of declines and cash turnover was higher than 5-day average. FII were net sellers while DII were net buyers in the cash segment.
* 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 the positive bias today. Index has support at 22300 - 22250 level and resistance at 22500 - 22550 level.
* Banking index is likely to trade in line with the benchmark index today with support at 47700 - 47500 level and resistance at 48400 - 48600 level.
* HCLTECH has closed with bullish candlestick and it is likely to trade with positive bias today.
NIFTY (Daily) Chart
BANK NIFTY (Daily) Charts
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