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:
- It will be safe to say that the market action for today was clearly telegraphed by the price action and closing of Friday (17/07/2020) market.
- In lines of our expectation, the market has been able to hit all the targets which we had anticipated for the market. And it looks poised to hit next level of targets.
- Nifty has breached the first important resistance of 11000 and settled above it. The Nifty had most of its constituents contributing to its move and which is always a good sign for the market, as the momentum is expected to continue
- Now, the level of 10900 becomes a very important support of the market.
- The markets move has been largely because of out performance by IT, Banks and Financial services. All the other sectors, other than Pharma ended in Green
- Bank Nifty looked very strong for the day and had ended the day near the important level of 22500. The market did manage to go above this level but ended the day just below it.
- Markets started the day in Green with SGX Nifty Trading in “Green” at the beginning of session
The Sensex Opened at 37409.03 and closed at 37418.99 The high for the day way 37478.87 and the low for the day was 37185.78 . Sensex gained 1.08% for the day
Nifty Opened at 10999.45 , the high for the day was 11037.90, and the low for the day was 10953.00 . Nifty closed at 11022.20 . Nifty gained 1.11% for the day
Bank Nifty Opened at 22307.30 , the high for the day was 22520.45, and the low for the day was 22187.80 . Bank Nifty closed at 22321.85. Bank Nifty gained 1.62% for the day
Top Gainers & Losers:
The Sector for the day: Nifty IT (up nearly 2,60%), Financial Services (up 1.63%) and Bank Nifty (up 1.62%) were the major gainers of the day.
**The market Ended at the day in Green, and the breadth was firmly in favour of bulls (30 advances, 19 declines and 1 unchanged for the day in Nifty 50) **
The Top 5 gainers (Nifty 50) for the day were- Britannia, Wipro, Infosys, TechM, HCL Tech
The Top 5 losers (Nifty 50) for the day were – Sun Pharma, Cipla, Zeel, BPCL, TATA Motors
FII & DII data:
The Net FII buying for the day was 1709.97cr . The Net DII selling was -1521.99cr.
Views for tomorrow:
The Sector to watch out for tomorrow are IT, Pharma and Banks. The important support for Nifty now is 10900. If the market manages to sustain these levels, the next resistances of 11150 will come into play
The market has had three days of more than 1% growth. So, it is recommended to not become all out aggressive in the market. Wait for dips to buy. The momentum still looks strong.
In Nifty, the levels to watch out will be 10900 on downside and 10150 on the upside.
For Bank Nifty, the important levels to watch out on upside are 22500-23000. The important supports are at 21800.
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