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 1Market View for the Day:
|In line of our expectation from last report (https://forum.tradebrains.in/t/view-for-the-day-18th-sept-2020/1907), the market traded and ended the day very weak. The Market bled profusely, and following are some of the factors which could be reasoned for it:
· The second wave of COVID-19 and certain European countries are contemplating second round of lockdown and which has made the global economy nervous.
· Some news of global banks like HSBC and Standard Chartered banks, moving large sums of allegedly illicit funds over the past two decades (source : Reuters)
· Lot of market analyst are of the view that after the recent up move in the market, a healthy correction is on the cards for the market.
· And the price action in the market on second half of Friday gave indication of bearishness in the market and the market was due for a technical correction.
|Every small rally in the market, was sold with more aggression. And in small timeframe charts we saw continues lower highs and lower lows pattern formation.|
|Unfortunately, none of the sector managed to end the day in Green. Barring nifty IT (down 0.71%), all the other sector ended the market with losses of more than 3%. Nifty realty, Nifty Metal, Nifty Pharma and Nifty Auto were the major losers of the day.|
|Bank Nifty started the day and it was able to achieve both targets of 21800 and 21400 and ultimately settled below that (21290)|
|The market started the day in Red and the market ended the day with complete dominance of bears (3 advances and 47 declines in Nifty 50)|
Views for Tomorrow:
|Technically, the market has made a very bearish pattern and all the rallies in the market can be used as selling opportunities. We could lose some ground in coming couple of days and next levels of supports in the market can be tested.|
|Stocks to watch out for tomorrow: Dr.Reddy’s, Cipla, IndusInd bank, Bharti Airtel, TATA Motors, Hindalco and JSW Steel|
|For Nifty, The level of resistance in the market are 11290 and 11380. And the next level of support in markets are 11130 and 11000 levels.|
|Bank Nifty comparatively looks more weak and next levels of support in the market are 21000 and 20600. The immediate resistance in the market is around 21600 levels.|
Top 5 Gainers:
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Top 5 Losers
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FII & DII Data:
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