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 1
Market View for the Day:
- Another day of deep red in the market and the bears have been able to push the market down. At one point, nifty had lost more than 1.5% for the day but was able to gain back some ground but still ended the day with nearly 1% down over previous day close.
- With an increase in COVID-19 cases globally and fear of second wave in many countries, the global indices looked nervous and which also had an in impact on the Indian equity market.
- In lines of our expectation, the market has been able to achieve the first target of 11120 (View for the day - 21st Sept, 2020) and looks good to test the next target of 11000 levels.
- Bank Nifty continued its slide and almost lost 1% for the day. And in lines our expectation, it was able achieve our target of 21000 (20958, low for the day).
- Near the end of the day, the market was able to take support from crucial levels and was able to bounce back a little. It should no way be taken as an indication to buy. Rallies should be looked upon as an opportunity to short.
- Barring IT and Pharma, all the other sectors end the day in red.
- The market started the day in Green but the momentum soon fizzled out and the breadth at the end of the day was firmly in favour of bears (15 advances and 35 declines in Nifty 50 for the day).
Views for Tomorrow:
- The level of 11300 becomes a very crucial level of resistance for the market. All the rallies till those levels can be looked forward as shorting opportunities.
- Stocks to watch out for tomorrow: Dr.Reddy’s, ZEEL, Infosys, Hindalco, TATA motors and Shree cement.
- Banks, Pahrma, Auto and IT are important sectors to watch out for tomorrow.
- In Bank Nifty, the important level of resistances will be 21800. And the important levels of support is 21200 and 20800.
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