View for the day - 10th July, 2020

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Market Views for the Day:

  • We are seeing a similar tussle between bulls and bears in the current range of 10650-10850, which we saw in the range of 10200-10400. A break on the upside, gave a move of about 400 points in the market.
  • The mark was fairly active for the day, the bears were trying to push the market down, but the bulls wrested the control and the market closed with minimal losses
  • Bank Nifty lost a lot of ground today and has settled below a very important support levels of 22500. Now, the next important levels o watch out on downside is 22100.
  • Now, if we look at both Figure 1& 2, Nifty and Bank Nifty are trading their very important trend line supports. Break of those, could see substantial losses in both the indexes. But, if the supports hold, then we could be breaching the recent highs.
  • 10650 has become a very strong support for market now. And it’s the pivot for the market. And on the upside 11000 is the level to watch out.
  • Markets started on a negative note for the day with SGX Nifty Trading in Red at the beginning of session.

Figure 1 (Nifty)

Figure 2 (Bank Nifty)

Data Points:

  • The Sensex Opened at 36555.13 and closed at 36594.33. The high for the day way 36748.89 and the low for the day was 36401.11 . Sensex lost - 0.39% for the day
  • Nifty Opened at 10764.10 , the high for the day was 10819.40, and the low for the day was 10713.00 . Nifty closed at 10768.05 . Nifty lost -0.42% for the day
  • Bank Nifty Opened at 22720.95 , the high for the day was 22835.20, and the low for the day was 22320.05 . Bank Nifty closed at 22398.45 . Bank Nifty lost -2.22% for the day

Top Gainers & Losers:

  • The Sector for the day: Nifty Pharma (Up 0.89%). All the other sectors ended in Red. The major loss came from Nifty bank and Nifty Financial Services. PNB, AXIS Bank, ICICI bank, HDFC Life etc., lost a lot of ground today
  • The market Ended In Red, and the breadth was in favour of bears (14 advances and 36 declines in Nifty 50)
  • The Top 5 gainers (Nifty 50) for the day were- Reliance, HUL, SunPharma, Britannia, Bharti Airtel
  • The Top 5 losers (Nifty 50) for the day were – Axis Bank, GAIL, ICICI Bank, IndusInd bank, HDFC

FII & DII data:

The Net FII selling for the day was -1031cr . The Net DII selling was 431.21cr.

Views for tomorrow:

  • The Sector to watch out for tomorrow is Banks and Financial Services. We could see decent moves in them
  • The market started the day on positive note, then lost a lot of ground but eventually neded the day with 0.44% loss.
  • In Nifty, the levels to watch out will be 10900 and 11000 on upside and 10650 on the downside. This could also be the broader range for few days
  • For Bank Nifty the important levels to watch out on upside are 23000. The important supports are at 22100

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