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:
THIS WAS A CLASSCIAL TRADING DAY FOR TRADRS WHO DO STRICT LEVELS BASED TRADING AND NOT WORRY ABOUT THE PRICE ACTION AROUND IT
- These are the kind of days which the day traders dread. The market started weak, consolidated, classic short covering and then the resistances coming into play and then ending the day unchanged
- The marked looks poised for a relatively weak to subdued expiry. We could be seeing the
next support levels coming into play
- 10450-10500 is important support levels for the day
- The weekly expiry tomorrow become very crucial as it could pave way for the rest of the month
- In lines of our expectation, the Bank Nifty got resisted at the crucial level near 22000 and it has come back to 21400. Now, the doors have opened for levels of 20900
- The Nifty broke its crucial Trend line support and is trading below it.
- Now, 10800 becomes a very strong resistance for the market it could prove very important Pivot point for the Month
- Markets started the day in Green with SGX Nifty Trading in “Green” at the beginning of session
The Sensex Opened at 36314.76 and closed at 36051.81 The high for the day way 36810.25 and the low for the day was 35894.96 . Sensex gained 0.05% for the day
Nifty Opened at 10701.00 , the high for the day was 10827.45, and the low for the day was 10577.75 . Nifty closed at 10618.20 . Nifty gained 0.10% for the day
Bank Nifty Opened at 21634.25 , the high for the day was 21935.50, and the low for the day was 21230.55 . Bank Nifty closed at 21340.75. Bank Nifty lost -0.24% for the day
Top Gainers & Losers:
The Sector for the day: Nifty IT (up nearly 6%) were the major gainers of the day. All the IT giants like WIPRO, HCL Tech, Infosys, TCS gained for the day. Wipro gained nearly 16% for the day.
The market Ended at Unch, and the breadth was evenly distributed (26 advances, 24 declines in Nifty 50)
The Top 5 gainers (Nifty 50) for the day were- Wipro, INFY, HCL Tech, Tech Mahindra, TCS
The Top 5 losers (Nifty 50) for the day were – Reliance, Bharti Airtel, ZEEL, GAIL, Infratel
FII & DII data:
The Net FII selling for the day was -221.7cr . The Net DII selling was -889.37 cr.
Views for tomorrow:
The Sector to watch out for tomorrow has to be IT. We could see decent moves in them
The Market looks poised for more correction and the next supports near 10450 could be tested during tomorrow’s 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.
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