View for the day - 24th 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 Market started on a positive and it gapped up. But due to weak global cues and on news of co-operative banks coming under RBI supervision, the market reacted in a negative way and all the indices closed red.
  • Markets started on a Positive note for the day with SGX Nifty Trading in Green at the beginning of session.
  • The Sensex Opened at 35679.74 and closed at 34868.98 . The high for the day way 35706.55 and the low for the day was 34794.93 . Sensex lost -1.58% for the day
  • Nifty Opened at 10529.25 , the high for the day was 10553.15 and the low for the day was 10281.95 . Nifty closed at 10305.30 . Nifty lost -1.58% for the day
  • Bank Nifty Opened at 22479.35 , the high for the day was 22479.55 and the low for the day was 21336.35 . Bank Nifty closed at 21426.80 . Bank Nifty lost 3.76% for the day

Top Gainers & Losers:

  • The Sector for the day: Banking & Pharma Sector. Almost all the banks and pharma companies lost a lot of ground today
  • The Biggest news for the day came from banking sector. Co-operative banks coming under RBI supervision
  • The Top 5 gainers (Nifty 50) for the day were- Asian Paints, ITC, Eicher Motors, Hero Motors, GAIL
  • The Top 5 losers (Nifty 50) for the day were – ICICI Bank, IndusInd bank, Power Grid, Hindalco, Zee Entertainment Limited

FII & DII data:

The Net FII buying for the day was Rs 1776.90 cr . The Net DII selling was Rs 1524.90 crores.

Views for tomorrow:

  • The Market started on a positive note but soon the negative global cues started impacting the Indian market and the market closed very weak. It has formed a Bearish Engulfing candle for the day.
  • Tomorrow being the Monthly F&O expiry, we could expect the market to be volatile. And we could see exaggerated moves in the market.
  • For Nifty, 10400 become an important resistance for the day. If the market continues to trade below 10350, a move to 10200-10150 cannot be ruled out.
  • For Bank Nifty, 21600 is a very crucial resistance. The important level on the downside are 21000 and 20500. If market sustains below 21400, then moves to these levels cannot be ruled out.

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