08-05-2024 09:11 AM | Source: Monarch Networth Capital Ltd
Index has support at 22150 - 22100 level and resistance at 22500 - 22550 level - Monarch Networth Capital Ltd

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TECHNICAL OUTLOOK

Benchmark index traded volatile yesterday before closing with 0.62% cut at 22302 level. Banking index underperformed the benchmark index as it closed with 1.25% cut at 48285 level.

India VIX closed with 2.45% gain at 17.00 level.=

Among Sectors NIFTYFMCG index performed better than the benchmark index as it closed with 2.02% gain while NIFTYREALTY index underperformed as it closed with 3.49% cut.

Broader market underperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 1.95% and 1.89% cut respectively.

Advance/Decline ratio was in favour of declines and cash turnover was lower 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 trading mixed today.

Intraday Market Outlook

Benchmark index is likely to trade volatile today. Index has support at 22150 - 22100 level and resistance at 22500 - 22550 level.

Banking index is likely to trade in line with the benchmark index today with support at 47800 - 47600 level and resistance at 48800 - 49000 level.

INFY has closed with bullish candlestick and it is likely to trade with positive bias today.

NIFTY (Daily) Chart

BANK NIFTY (Daily) Chart

 

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