View for the day - 24th Sept, 2020

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Market View for the Day:
A pure blood bath in the market if you are a bull. Even a small bit of rally was sold of immediately in the market. Biggest one day fall, on the day of monthly expiry since Feb, 2011. Both nifty and bank nifty lost more than 3% for the day.
Before the opening of the market for the day, nifty gave an indication of weakness for the day. Most of the major global Index had closed the day in Red or were trading in red.
Technically the market has closed very weak and looks good to challenge the lower levels in all major indices.
Look at the indices was not a pretty sight. All the sectoral indices ended the day in Red. Except FMCG (down 0.95%), all the other sectoral indices lost more than 2.5% for the day.
Bank Nifty was able to achieve the lower targets of 20800 and looks good to go towards the round number level of 20500 and 20000.
The market started the day in Red and the breadth at the end of the day was firmly in favour of bears (3 advances and 47 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:

Nifty has been able to breach a very important technical support near 10800 levels and settled around it. So, as long as market stays below 11000 levels, the lower targets around 10500 cannot be ruled out. All the rallies in the market should be looked upon as an opportunity to short.
Stocks to watch out for tomorrow: Axis Bank, HDFC Bank, HUL, Infratel, Bharti Airtel, Maruti, Bajaj finance, TCS, TATA Steel
Banks, Pharma, Financial Services, Autos and IT are important sectors to watch out for tomorrow.
In Bank Nifty, the important level of resistances will be 21200. And the important levels of support is 20500 and 20000.

Data Points

Index Open High Low Close Gain/Loss
Sensex 37282.18 37304.26 36495.98 36553.60 -2.96%
Nifty 11011.00 11015.30 10790.20 10805.55 -2.93%
Bank Nifty 20898.80 20955.60 20404.90 20456.85 -3.41%

Top 5 Gainers:

Company Closing Price % Gained
Infratel 171.70 2.85
ZEEL 193.50 0.89
HUL 2057.60 0.25

Top 5 Losers

Company Closing Price % Loss
IndusInd Bank 488.70 -7.45
TATA Motors 122.75 -6.58
Bajaj Finance 3030.65 -6.57
Grasim 677.60 -5.68
TCS 2332.90 -5.45

FII & DII Data:

Institution Buying/Selling
FII -1885.69 cr
DII 188.64 cr

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