View for the day - 23rd June, 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 markets moved in lines of Expectation and continued gaining strength. We had given 10450 as first potential target if market sustained above 10350.
  • Markets started on a Positive note for the day with SGX Nifty Trading in Green at the beginning of session.
  • The Sensex Opened at 35015.73 and closed at 35430.43 . The high for the day way 35482.16 and the low for the day was 34853.69 . Sensex gained 0.52% for the day
  • Nifty Opened at 10347.95 , the high for the day was 10484.70 and the low for the day was 10301.75 . Nifty closed at 10471.00 . Nifty gained 1.55% for the day
  • Bank Nifty Opened at 21859.25 , the high for the day was 22322.30 and the low for the day was 21647.80 . Bank Nifty closed at 22264.90 . Bank Nifty gained 2.56% for the day

Top Gainers & Losers:

  • The Sector for the day: Banking Sector. All the banks comprising in the Bank Nifty ended in Green
  • The Biggest news for the day came from unexpected source. Patanjali launched medicine “CORONIL” and the ayurvedic medicine claims to cure corona with 100% success rate and zero mortality. We have had back to back positive sentiment news coming from medicine sector and which also bolstered the sentiment of the market. A near flat nifty closed the day with more than 1.5% gains
  • The Top 5 gainers (Nifty 50) for the day were- Bajaj Finance, L&T, IndusInd Bank, NTPC, Hindalco
  • The Top 5 losers (Nifty 50) for the day were – Reliance Industries Limited, Bharti Airtel, Vedanta Limited, Maruti

FII & DII data:

The Net FII buying for the day was Rs 168.96 crores . The Net DII buying was Rs 454.48 crores.

Views for tomorrow:

  • Other things remaining constant, the market should have sustained bullish momentum for the day. Overall, the broader sentiment of the market looks bullish. So any minor dips should be bought for the day.
  • For Nifty, 10350 become an important support for the day. If the market continues to sustain above 10435, the next important level is 10540 & 10640.
  • For Bank Nifty, 21800 is a very crucial support. The important level on the upside are 22600 and 23200.

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