View for the day - 18th Sept, 2020

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Market View for the Day:
A classic day of trading for scalpers in the market. The day started on a very positive note, and the market looked like having a crack at 11600 levels. But, in the last one hour of trading, we say a lot of weekend profit booking and the market corrected all the way to the support levels of 11450
But, the market was eventually able to close near the close of yesterday. But, the price action shows that the market is going to find it difficult to go above the 11600 levels.
The Sector of the day was Nifty Pharma. It ended the day with nearly 5% gains for the day. Dr. Reddy and CIPLA were the major gainers for the day.
Bank Nifty started the day with more selling than buying. And in the second half of the day the market gave way and it settled below the crucial level of 22200 (closed at 22031.05).
Bank Nifty (down 1.30%), Financial Services (down 1.23%) and Nifty FMCG (down 0.62%) were major losers for the day.
The market started the day in green and the breadth at the end of the day was tilted slightly in favour of bears (28 advances and 22 declines in Nifty 50 for the day).

Views for Tomorrow:

On Monday, if the market opens below the close of today, we could see the lows of today easily breached and the next levels of supports come into picture.
Stocks to watch out for tomorrow: Dr.Reddy’s, Cipla, Bharti Airtle, HDFC Bank, Shree Cement.
The crucial level of resistance for the market will 11560-11600 zone. And the immediate level of support for the market is 11450 and the next line of support is near 11380 levels.
In Bank Nifty, the important level of resistances will be 22800. And the important levels of support is 21800 and 21400.

Data Points

Index Open High Low Close Gain/Loss
Sensex 39200.42 39200.42 38635.73 38845.82 -0.34%
Nifty 11584.10 11584.10 11446.10 11504.95 -0.10%
Bank Nifty 22439.35 22469.40 21784.90 22031.05 -1.30%

Top 5 Gainers:

Company Closing Price % Gained
Dr. Reddy 5306.00 9.92
CIPLA 804.90 7.11
Adani Ports 359.10 3.76
Bharti Airtel 496.85 3.73
M&M 654.95 2.85

Top 5 Losers

Company Closing Price % Loss
HDFC Bank 1058.90 -2.28
Shree Cement 19490.75 -2.00
Kotak Bank 1281.00 -1.85
BAJAJ Finserv 5896.00 -1.85
Maruti 6956.75 -1.82

FII & DII Data:

Institution Buying/Selling
FII 205.15 cr
DII -100.83 cr

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