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 at such juncture, it could have a move of 5% on either side. The market has been able to end with gains of more than 1%, thanks to out-performance of IT sector
- Technically, the market did look at yesterday’s close but continuous outperformance by IT, Pharma and Banking sector
- Now, for few sessions, 10600 to 10850 becomes a very important range. A close on either side could signal weakness or strength in the market
- The weekly expiry today was in a very comfortable range between 10650 and 10800
- Bank Nifty got supported at very crucial level of 21000 and had settled above the Pivot level of 21500
- Markets started the day in Green with SGX Nifty Trading in “Green” at the beginning of session
The Sensex Opened at 36401.20 and closed at 36471.68 The high for the day way 36524.62 and the low for the day was 36038.41 . Sensex gained 1.16% for the day
Nifty Opened at 10706.20 , the high for the day was 10755.30, and the low for the day was 10595.20 . Nifty closed at 10739.95 . Nifty gained 1.15% for the day
Bank Nifty Opened at 21453.25 , the high for the day was 21671.25, and the low for the day was 21027.85 . Bank Nifty closed at 21597.15. Bank Nifty gained 1.20% for the day
Top Gainers & Losers:
The Sector for the day: Nifty IT (up nearly 2.83%) and Nifty Pharma (up 1.68%), were the major gainers of the day. Infosys ended the day by hitting upper circuit of 10%. Mindtree, BPCL and Cipla were other major gainers for the day
The market Ended at the day in Green, and the breadth was evenly distributed (26 advances, 24 declines in Nifty 50)
The Top 5 gainers (Nifty 50) for the day were- Infy, BPCL, Cipla, M&M, Britannia
The Top 5 losers (Nifty 50) for the day were – Indratel, TECHM, ITC, ZEEL, IOC
FII & DII data:
The Net FII selling for the day was -1091.08 cr . The Net DII buying was 1659.91 cr.
Views for tomorrow:
**The Sector to watch out for tomorrow are IT, Pharma and Banks. With Nifty nit willing to go below 10600, if we see strength coming in, banks could be leading the way for next round of moves
** The market looks very choppy in this current range. And once we break out of this range of (10600-10800), we could see some decisive moves in the market**
In Nifty, the levels to watch out will be 10850 and 10600 on the downside.
For Bank Nifty, the important levels to watch out on upside are 22100. The important supports are at 21000.
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