View for the day - 13th July, 2020

MarketView by Trade Brains Daily market analysis, updates and views for the next day. Get directly on your telegram. Join here: https://t.me/MarketViewTB

Market Views for the Day:

  • The market is still deciding on the direction it wants to take. We are seeing continuous sideways play in the market.
  • But the buying swiftness in the market has subsided for now, because of lock-downs been imposed at various places
  • The market is still trying to find momentum, and is consolidating the range between 10700 to 10850
  • The Nifty did make a new recent high (10895), but failed to stay there as we saw a lot of selling pressure especially in Banking sector
  • Bank Nifty lost a lot of ground today and has settled at a very important support levels of 22100. Now, the next important level to watch out on downside is 21600 and which also becomes an important technical (Bollinger Band) support on daily chart.
  • Now, if we look at both Figure 1, Bank Nifty had broken the trend line support and looks poised to go near the next support at 21600 and further to 21000 levels.
  • For Nifty (Figure 2), Nifty did go the trend line support but it did not break it and the market moved back up.
  • 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 Positive note for the day with SGX Nifty Trading in Green at the beginning of session.

Figure 1 : Bank Nifty daily Chart (source:www.zerodha.com)


Figure 2 : Nifty Daily Chart (souce:www.zerodha.com)

Data Points:

  • The Sensex Opened at 36880.66 and closed at 36693.69. The high for the day way 37024.20 and the low for the day was 36533.96 . Sensex gained 0.27 % for the day
  • Nifty Opened at 10851.85 , the high for the day was 10894.05, and the low for the day was 10756.05 . Nifty closed at 10802.70 . Nifty gained 0.32% for the day
  • Bank Nifty Opened at 22613.25 , the high for the day was 22657.40, and the low for the day was 21981.65 . Bank Nifty closed at 22089.25 . Bank Nifty lost -1.38% for the day

Top Gainers & Losers:

  • The Sector for the day: Nifty IT (Up 1.71%), Nifty metal (Up1.50%) & Nifty FMCG (Up 1.28%). Bank Nifty was a major loser of the day, nearly -1.25% lost for the day
  • The market Ended In Green, and the breadth was in favour of bulls (33 advances, 16 declines and 1 unchanged in Nifty 50)
  • The Top 5 gainers (Nifty 50) for the day were- TechM, Hinadalco, HCL Tech, JSW Steel, Reliance
  • The Top 5 losers (Nifty 50) for the day were – PowerGrid, BajajFinance, HDFC Bank, ICICI Bank, HDFC

FII & DII data:

The Net FII buying for the day was 271.76 cr . The Net DII selling was -1485.59 cr.

Views for tomorrow:

  • The Sector to watch out for tomorrow is Banks and Financial. We could see decent moves in them
  • The market started the day on positive note and made new recent high, then lost a lot of ground but eventually ended the day with 0.32% gain.
  • In Nifty, the levels to watch out will be 10900 and 11000 on upside and 10650 on the downside.
  • For Bank Nifty the important levels to watch out on upside are 23000. The important supports are at 21500 & 21000.

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