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 has failed to sustain above 10800 and it cracked down and closed near 10600 (our first technical target). Now, it opens door for more weakness and we could be seeing the levels of 10450 being tested
- The market started in Red and could never recover and kept losing ground
- Now the previous Resistances of 10400 becomes a very crucial support for the market.
- This weekly expiry on Thursday become very crucial as it could pave way for the rest of the month
- Bank Nifty again lost a lot of ground today, and it hit our next target of 21500 on downside and looks poised to go to next one of 21000.
- The Nifty broke its crucial Trend line support and is trading below it. Now, 10800 becomes a very strong resistance for the market
- Markets started the day in Red with SGX Nifty Trading in “Red” at the beginning of session
The Sensex Opened at 36517.28 and closed at 36033.06 The high for the day way 36538.10 and the low for the day was 35877.42 . Sensex lost -1.80% for the day
Nifty Opened at 10750.85 , the high for the day was 10755.65, and the low for the day was 10562.90 . Nifty closed at 10607.35 . Nifty lost -1.81% for the day
Bank Nifty Opened at 21877.60 , the high for the day was 21909.70, and the low for the day was 21222.45 . Bank Nifty closed at 21392.20 . Bank Nifty lost -3.16% for the day
Top Gainers & Losers:
The Sector for the day: Nifty Pharma (0.48%). All the other sectors bled. Nifty Bank, Nifty Metal and Nifty Auto lost the most for the day
The market Ended In Deep Red, and the breadth was in favour of bears (3 advances, 46 declines and 1 unchanged in Nifty 50)
The Top 5 gainers (Nifty 50) for the day were- Dr. Reddy, Titan, Bharti Airtel
The Top 5 losers (Nifty 50) for the day were – IndusInd Bank, Axis Bank, Eicher Motors, ZEEL, Adani Ports
FII & DII data:
The Net FII selling for the day was -1565.62cr . The Net DII selling was -649.7cr.
Views for tomorrow:
The Sector to watch out for tomorrow is Banks, Auto and Metal. We could see decent moves in them
The Market looks poised for more correction and the next supports near 10450 could be tested during this weekly expiry.
In Nifty, the levels to watch out will be 10800 and 10500 on the downside.
For Bank Nifty, the important levels to watch out on upside are 22100. The important supports are at 20800.
Disclaimer: The information contained here are for educational and informational purposes only. The stocks discussed are the research and personal views of the authors should ‘not’ be considered as any kind of buy, sell or any advisory/recommendation.
We have done our best to ensure that the information provided on this Website are accurate and provide valuable information. Regardless of anything to the contrary, we shall be held liable or responsible for any errors or omissions on this website or for any damage you may suffer as a result of failing to seek competent financial advice from a professional who is familiar with your situation