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:
- In line of our expectation, the next movement for market today had major contribution coming from Bank Nifty
- The market is on its way to test the immediate resistance of 11000 and with little positivity we could see the level of 11150 been tested.
- Today’s close is very important for the market as closed above the all-important psychological level of 10850
- The markets move has been largely because of out-performance by Banks, Auto and Metal sector. All the other sectors also ended in Green
- Now, the levels of 10800 becomes a very strong intermediate support for the market.
- Bank Nifty has managed to close above the important level of 21800 and it opens door for level of 22500
- Markets started the day in Green with SGX Nifty Trading in “Green” at the beginning of session
The Sensex Opened at 36547.75 and closed at 37020.14 The high for the day way 37125.98 and the low for the day was 36512.92 . Sensex gained 1.50% for the day
Nifty Opened at 10752.00 , the high for the day was 10933.45, and the low for the day was 10749.65 . Nifty closed at 10901.70 . Nifty gained 1.51% for the day
Bank Nifty Opened at 21608.05 , the high for the day was 22065.00, and the low for the day was 21550.80 . Bank Nifty closed at 21966.80. Bank Nifty gained 1.71% for the day
Top Gainers & Losers:
The Sector for the day: Bank Nifty (up nearly 1.71%), Financial Services (up 1.94%) and Nifty Auto (up 1.73%) were the major gainers of the day. BPCL, ONGC, Reliance and HDFC were the major gainers for the day
The market Ended at the day in Green, and the breadth was firmly in favour of bulls (41 advances, 8 declines and 1 unchanged for the day in Nifty 50)
The Top 5 gainers (Nifty 50) for the day were- BPCL, ONGC, Infratel, GAIL, Reliance
The Top 5 losers (Nifty 50) for the day were – Hindalco, Britannia, Nestle India, TCS, Dr Reddy
FII & DII data:
The Net FII buying for the day was 697.08cr . The Net DII selling was -209.42cr.
Views for tomorrow:
The Sector to watch out for tomorrow are IT, Pharma and Banks. The important support for Nifty now is 10850. If the market manages to sustain these levels, the next resistances will come into play
The market must be trading with little more swiftness as the market had broken out of the choppy range of 10600-10800
In Nifty, the levels to watch out will be 10800 on downside and 11000-10150 on the upside.
For Bank Nifty, the important levels to watch out on upside are 22500. The important supports are at 21500.
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