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:
- 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
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.
Disclaimer: The information contained here are for educational and informational purposes only. The stocks discussed are the research and personal views of the authors should ‘not’ be considered as any kind of buy, sell or any advisory/recommendation.
We have done our best to ensure that the information provided on this Website are accurate and provide valuable information. Regardless of anything to the contrary, we shall be held liable or responsible for any errors or omissions on this website or for any damage you may suffer as a result of failing to seek competent financial advice from a professional who is familiar with your situation