Index has support at 24450 - 24400 level and resistance at 24700 - 24750 level - Monarch Networth Capital Ltd
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TECHNICAL OUTLOOK
* Benchmark index traded with positive bias as it closed with 0.13% gain at 24573 level yesterday. Banking index underperformed the benchmark index as it closed with 0.29% cut at 50368 level.
* India VIX closed with 0.61% cut at 14.32 level.
* Among Sectors NIFTYMETAL and NIFTYPSUBANK index outperformed the benchmark index as they closed with 1.9% and 1.2% gains respectively while NIFTYAUTO index underperformed as it closed with 0.9% cut.
* Broader market performed better than the benchmark index as both MIDCAP and SMALLCAP index closed with 0.2% and 1.7% gains respectively.
* Advance/Decline ratio was in favour of advances 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 range bound today. Index has support at 24450 - 24400 level and resistance at 24700 - 24750 level.
* Banking index is likely to trade in line with the benchmark index today with support at 50000 - 49800 level and resistance at 50800 - 51000 level.
* INFY 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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