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:
- After a continuous gap up move for three days and having hit the upside target (11200), market has taken a pause and we saw some correction in the market
- Now 11200 becomes a very important level in the market and we could see some tussle around that level
- Apart from Nifty Bank and Nifty Media, most of the sectors ended the day in Red.
- The damage to indexes has been minimal but market saw red after series of green days
- Now, the levels of 11000 becomes a very strong intermediate support for the market.
- Tomorrow, being the weekly options expiry, there is expected to be a strong tussle between bulls and bears. And which could decide the action for coming weeks monthly Futures and Options expiry.
- Bank Nifty has managed hold the fort and closed above the important level of 22500 and now that becomes an important intermediate support for the market.
- Markets started the day in Green with SGX Nifty Trading in “Green” at the beginning of session
The Sensex Opened at 38178.07 and closed at 37871.52 The high for the day way 38199.27 and the low for the day was 37601.62 . Sensex lost -0.16% for the day
Nifty Opened at 11231.20 , the high for the day was 11238.10, and the low for the day was 11056.55 . Nifty closed at 11132.60 . Nifty lost -0.27% for the day
Bank Nifty Opened at 23159.00 , the high for the day was 23211.55, and the low for the day was 22658.20 . Bank Nifty closed at 22882.60. Bank Nifty gained 0.44% for the day
Top Gainers & Losers:
The Sector for the day: Bank Nifty (up nearly 0.44%). Nifty Auto lost -1.26% for the day.
The market Ended at the day in Red, and the breadth was firmly in favour of bears (17 advances, 33 declines for the day in Nifty 50)
The Top 5 gainers (Nifty 50) for the day were- Axis Bank, Titan, PowerGrid, ZEEL, ITC
The Top 5 losers (Nifty 50) for the day were – **Hero Moto, BPCL, Hindustan Unilever, TATA Motors, TATA Steel **
FII & DII data:
The Net FII buying for the day was 1665.57cr . The Net DII selling was -1138.83cr.
Views for tomorrow:
**The Sector to watch out for tomorrow are Banks, Pharma and Auto.
The important support for Nifty now is 11000. If the market manages to breach these levels, the next supports of 10800 could be retested. But id market manages to break 11200 again, we could see levels of 11350
Tomorrow being weekly options expiry, one should be cautious while taking a directional trade. And level trading is recommended for tomorrow
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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