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 has moved in line of our expectation and has tested the next resistance of 11150 in Nifty and 22600 and have managed to close above it
- Classic case of BTST (Buy Today Sell Tomorrow). The buyers of yesterday made merry today. The Market gapped up and continuous buying throughout the day and the market closed near the high of the day
- A series of good results from IT and Financial sector have contributed to this move.
- We have had three days of Gap up opening in the market and the market could be due for some correction. One should still have a bullish stance on the market but with cautious approach
- The markets move has been largely because of outperformance by Banks, Auto and Financial Sector. All the other than FMCG and Pharma ended in Green
- Now, the levels of 11000 becomes a very strong intermediate support for the market.
- Bank Nifty has managed to close above the important level of 22500 and now the important support for the market is 22000
- Markets started the day in Green with SGX Nifty Trading in “Green” at the beginning of session
The Sensex Opened at 37823.61 and closed at 37930.33 The high for the day way 37990.55 and the low for the day was 37742.05 . Sensex gained 1.37% for the day
Nifty Opened at 11126.10 , the high for the day was 11179.55, and the low for the day was 11113.25 . Nifty closed at 11162.25 . Nifty gained 1.27% for the day
Bank Nifty Opened at 22639.85 , the high for the day was 22861.90, and the low for the day was 22597.95 . Bank Nifty closed at 22782.00. Bank Nifty gained 2.06% for the day
Top Gainers & Losers:
The Sector for the day: Bank Nifty (up nearly 2.06%), Financial Services (up 2.03%) and Nifty Auto (up 1.67%) were the major gainers of the day.
The market Ended at the day in Green, and the breadth was firmly in favour of bulls (32 advances, 18 declines for the day in Nifty 50)
The Top 5 gainers (Nifty 50) for the day were- PowerGrid, IOC, BPCL, Eicher Motors, HDFC
The Top 5 losers (Nifty 50) for the day were – Bajaj Finance, Bajaj Finsv, Britannia, Asian Paints, Infratel
FII & DII data:
The Net FII buying for the day was 2265.88cr . The Net DII selling was -727.39cr.
Views for tomorrow:
The Sector to watch out for tomorrow are Banks, Financial Sector and Pharma.
The important support for Nifty now is 11000. If the market manages to sustain these levels, the next resistances will come into play
In Nifty, the levels to watch out will be 11000 on downside and 11300-11400 on the upside.
For Bank Nifty, the important levels to watch out on upside are 23400. The important supports are at 22000.
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