View for the day - 24th July, 2020

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Market Views for the Day:

  • Nifty IT and Reliance Industries. The Flag bearer for the market today. If not for these, we would have seen index taking a deep dive into Red.
  • Today has been the exact opposite of yesterday. All the sectors ended in Red (apart from IT)
  • 11250 is proving to be critical resistance for the day. Three unsuccessful attempts by the market to break it.
  • At one time, the index looked much weaker but giants (HCL, NIITTech TECHM) IT sector supported the market
  • So, for any more sustainable strength in the market, 11250 becomes a very important pivot point.
  • The market has important support at 11000 and 10800 (Figure 1, trend line support)
  • Bank Nifty has had a very weak close for the day and now the next support of 22100 could be testes. The important resistance for the market now is 23000
  • Markets started the day in Red with SGX Nifty Trading in “Red” at the beginning of session

Data Points:

  • The Sensex Opened at 37959.59 and closed at 38128.90 The high for the day way 38253.73 and the low for the day was 37748.41 . Sensex lost -0.03% for the day

  • Nifty Opened at 11149.95 , the high for the day was 11225.40, and the low for the day was 11090.30 . Nifty closed at 11194.15 . Nifty lost -0.19% for the day

  • Bank Nifty Opened at 22853.20 , the high for the day was 22854.05, and the low for the day was 22417.20 . Bank Nifty closed at 22662.05. Bank Nifty lost -1.83% for the day

Top Gainers & Losers:

  • The Sector for the day: Nifty IT (up nearly 1.41%). All the other setors ended the day in Red.

  • **The market Ended at the day in Red, and the breadth was firmly in favour of bears (7 advances, 43 declines for the day in Nifty 50) **

  • The Top 5 gainers (Nifty 50) for the day were- HCL, Reliance, Tech Mahindra, Sun Pharma, IndusInd Bank

  • The Top 5 losers (Nifty 50) for the day were – ZEEL, Hindalco, Axis Bank, SBIN, GAIL

Views for tomorrow:

  • The Sector to watch out for tomorrow are IT and Banks. And special mention for RIL, a near 150% gain form bottom in just little over 3 months.

  • The important support for Nifty now is 11000. The market has ettled below the level of 11200. The crucial resistance on the upside is 11250

  • 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 23000. The important supports are at 22100.

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The net FII buying for the day was Rs. 409.88 cr. The net DII selling for the day was -1002.98 crores.