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 1
Market View for the Day:
|Please participate in our weekly poll and have your view on the weekly Nifty Options Expiry:
In lines of our expectation, Nifty has been able to achieve our first target of 11610 (https://forum.tradebrains.in/t/view-for-the-day-15th-sept-2020/1896). The market has shown a lot of strength and end the day on a strong note. Tomorrow being the day of weekly options expiry, we could see some fireworks in the market.
|The level of 11500 becomes very crucial for the market. For a move up to continue, the level of 11500 becomes a very crucial level to be defended.
Nifty Auto, Nifty Pharma and Nifty realty were the major gainer for the day. M&M, Dr. Reddy and CFL were the major gainers in their respective sectors.
|The market in the initial half did try to make a move downside but the level of 11500 was defended by the bulls and it eventually managed to close above the psychological level of 11600. And this leaves the door to 11700 open.
|Bank nifty was rather calm and subdued for the day. But we saw buying coming in near the lows. The level of 22500 becomes very crucial for it. If we manage to sustain above it, then a move to 23500 cannot be discounted.
|The market started the day in Green and the breadth at the end of the day was firmly in favour of bulls (29 advances, 19 declines and 2 unchanged in Nifty 50).
Views for Tomorrow:
|The action in first half of the day could prove to be crucial in deciding the expiry related move. The market has ended the day near the crucial resistance levels. If we happen to start the day above these tomorrow, we could have a strong expiry move.
|Stocks to watch out for tomorrow: Cipla, Dr.Reddy’s, Bajaj Auto, Axis Bank, DLF
|The next level of resistance for Nifty is 11710. And the crucial level of support will be in the range of 11500-11550.
|In Bank Nifty, the important level of resistances will be 22800and 23200. And the important levels of support is 22200.
Top 5 Gainers:
Top 5 Losers
FII & DII Data:
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