Benchmark index traded range bound on Friday - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded range bound on Friday before closing with 0.29% gain at 23465 level. Banking index performed in line with the benchmark index as it closed with 0.31% gain at 50002 level.
* India VIX closed with 4.93% cut at 12.82 level.
* Among Sectors NIFTYMNC index performed better than the benchmark index as it closed with 1.34% gain while NIFTYIT index underperformed as it closed with 0.87% cut.
* Broader market outperformed the benchmark index as both MIDCAP index and SMALLCAP index closed with 1.05% and 0.76% gains 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.
* European markets (DAX) and US markets (DJIA) closed higher yesterday. Asian Markets are following suit and trading higher today.
Intraday Market Outlook
* Benchmark index is likely to open higher on favourable global cues and trade volatile today. Index has support at 23400 - 23350 level and resistance at 23650 - 23700 level.
* Banking index is likely to trade in line with the benchmark index today with support at 49700 - 49500 level and resistance at 50500 - 50700 level.
* HDFCBANK 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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