Benchmark index traded volatile on Friday before closing with 0.76% cut at 22476 level - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded volatile on Friday before closing with 0.76% cut at 22476 level. Banking index performed in line with the benchmark index as it closed with 0.62% cut at 48923 level.
* India VIX closed with 8.72% gain at 14.61 level.
* Among Sectors NIFTYPSE index performed better than the benchmark index as it closed with 0.46% gain while NIFTYREALTY index underperformed as it closed with 1.03% cut.
* Broader market performed in line with the benchmark index as both MIDCAP and SMALLCAP index closed with 0.35% and 0.49% cut 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 on Friday. Asian Markets are largely 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 22450 - 22400 level and resistance at 22700 - 22800 level.
* Banking index is likely to trade in line with the benchmark index today with support at 48700 - 48500 level and resistance at 49500 - 49700 level.
* ICICIBANK witnessed recovery from lows in last hour of trading and it is likely to trade with positive bias today.
NIFTY (Daily) Chart
BANK NIFTY (Daily) Chart
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