Index has support at 25850 - 25750 level and resistance at 26050 - 26100 level - Monarch Networth Capital Ltd
TECHNICAL OUTLOOK
* Benchmark index traded with positive bias before closing with 0.57% gain at 25939 level yesterday. Banking index performed in line with the benchmark index as it closed with 0.58% gain at 54105 level.
* India VIX closed with 7.78% gain at 13.78 level.
* Among Sectors PSUBANK outperformed the benchmark index as it closed with 3.41% gain while NIFTYIT underperformed as it closed with 0.51% cut.
* Broader market outperformed the benchmark index as both MIDCAP and SMALLCAP index closed with 0.84% and 1.12% gain respectively.
* Advance/Decline ratio was in favour of advances and cash turnover was lower than 5-day average. Both FII and DII were net buyers in the cash segment.
* Both 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 range bound today. Index has support at 25850 - 25750 level and resistance at 26050 - 26100 level.
* Banking index is likely to perform in line with benchmark index today with support at 53700 - 53400 level and resistance at 54500 - 54800 level.
* VEDL has closed above resistance level and it is likely to trade with positive bias today.
NIFTY (Daily) Chart
BANK NIFTY (Daily) Chart
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