View for the day - 23rd July, 2020

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 Strength in the market continuous and we have seen the market trade and settle above 11200.
  • The important resistance level for the market still continues to be the range of 11300-11350.
  • RIL (high of 2070+ for the day). If there ever was an example, where one stock could turn the tide in favour of Bulls.
  • As expected, the market had a see-saw battle between bulls and bears, with bears putting early pressure and then bulls bouncing back
  • All the sectors ended the day in Green (apart from IT) and which augers well for the Nifty
  • Now, the levels of 11000 becomes a very strong intermediate support for the market.
  • Today’s strong expiry paves way for the coming monthly Futures and Options expiry.
  • And the range of 11000-11500 becomes to watch out for coming week and 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

Data Points:

  • The Sensex Opened at 37814.47 and closed at 38140.47 The high for the day way 38225.03 and the low for the day was 37738.59 . Sensex gained 0.71% for the day

  • Nifty Opened at 11135.00 , the high for the day was 11239.80, and the low for the day was 11103.15 . Nifty closed at 11214.45 . Nifty lost 0.74% for the day

  • Bank Nifty Opened at 22854.85 , the high for the day was 23122.35, and the low for the day was 22734.90 . Bank Nifty closed at 23083.90. Bank Nifty gained 0.88% for the day

Top Gainers & Losers:

  • The Sector for the day: Nifty Auto (up 1.35%), Nifty Pharma (u 1.44%) & Nifty Realty (up nearly 1.41%). Most of the sectors ended the day in Green

  • The market Ended at the day in Green, and the breadth was firmly in favour of bulls (37 advances, 12 declines and 1 unchanged for the day in Nifty 50)

  • The Top 5 gainers (Nifty 50) for the day were- Eicher motors, ICICI Bank, Reliance, Tech Mahindra, SBIIN

  • The Top 5 losers (Nifty 50) for the day were – Axis Bank, Shree Cement, Hindustan Unilever, TCS, Infosys

FII & DII data:

The Net FII buying for the day was 1740.50cr . The Net DII selling was -931.91cr.

Views for tomorrow:

  • The Sector to watch out for tomorrow are Banks, Pharma and Auto. And special mention for RIL (Broke all time high)

  • The important support for Nifty now is 11000. The marker has managed to settle above the all-important level of 11200 and with target of 11350 in sights

s* 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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