View for the day - 23rd Sept, 2020

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Market View for the Day:
The market has been able to achieve the target of 11000 (low of 11024) levels (https://forum.tradebrains.in/t/view-for-the-day-22nd-sept-2020/1929) and ended the day by losing for 4th consecutive day. Now If the market manages to stay above todays low, we could see it rally back up to 11250 levels.
The market still seems to be nervous about the rising COVID -19 cases globally and FII’s pulling out money from the Indian Market (nearly 6000 cr selling in last two days). Plus there have been weakness in the major global index.
Bank Nifty was able to save its face for the day and was able to close near UNCH with minor gains of 0.19% for the day.
In Lines of our expectation, Bank Nifty was able to find support near 20800 levels (crucial level). And if the market manages to stay above that, we could test levels of 21800
Barring Nifty Pharma (down 1.61%) and Nifty Media (down 2.37%), most of other sectors ended the day near UNCH.
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 (19 advances and 31 declines in Nifty 50 for the day). For all the major indices, the open for the day was also the high for the day.

Views for Tomorrow:

The level of 11250 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: Axis Bank, HDFC Bank, HUL, Infratel, Bharti Airtel, ZEEL
Banks, Pharma, Realty 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.

Data Points

Index Open High Low Close Gain/Loss
Sensex 38124.94 38140.07 37313.09 37668.42 -0.17%
Nifty 11258.75 11259.55 11024.40 11131.85 -0.20%
Bank Nifty 21350.80 21365.05 20821.00 21178.50 0.19%

Top 5 Gainers:

Company Closing Price % Gained
Axis bank 422.00 2.43
Coal India 122.40 2.38
GAIL 85.60 1.72
HDFC Bank 1048.95 1.31
HUL 2052.50 1.27

Top 5 Losers

Company Closing Price % Loss
Infratel 165.50 -8.26
Bharti Airtel 432.50 -8.16
TATA steel 361.15 -3.47
ZEEL 190.70 -3.25
IndusInd Bank 527.95 -2.95

FII & DII Data:

Institution Buying/Selling
FII -3912.44 cr
DII 1629.23 cr

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Target Achieved for both Nifty (10800) and Bank Nifty (20800).