View for the day - 25th Sept, 2020

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Market View for the Day:
Talk about tables turning. All the major indices bounced from very important levels of support in the market. The level of 10800 proved to be a very important level of support for the market.
The positivity in the market was fueled by positive overnight global sentiment and the Nifty Index gapped up by more than 100 points.
Technically, the daily candle of today can be interpreted to be a bullish one and the next levels of resistances should be tested in the market.
All the major index ended the fay in green. Nifty Auto, Nifty IT, Nifty Bank & Nifty Media were the hero indices for the day.
Bank Nifty was able to achieve the target of 20500 and was able to bounce back and managed to close near the 21000 levels.
The market started the day in Green and the breadth at the end of the day was firmly in favour of bulls (47 advances and 3 declines in Nifty 50 for the day). All the major indices in the market managed to gap up and ended the day forming a bullish engulfing candle.

Views for Tomorrow:

The market caught bears off guard and we saw Friday profit booking by bears in the market. Now, the rage of 11100 to 11200 becomes a hurdle for the market. The market should face some resistance around these levels. if we happen to trade above these levels, then doors to 11500 again opens up or we could again be heading near 10800 levels.
Stocks to watch out for tomorrow: Bajaj Finserv, HCL technologies, CIPLA, Grasim, HDFC Bank.
The important level of resistance for Bank Nifty is around 21200 levels. If we can manage to trade above those levels, then doors to 21800 again opens.

Data Points

Index Open High Low Close Gain/Loss
Sensex 36991.89 37471.17 36730.52 37388.66 2.28%
Nifty 10910.40 11072.60 10854.85 11050.25 2.26%
Bank Nifty 20740.80 21064.30 20430.70 20982.35 2.57%

Top 5 Gainers:

Company Closing Price % Gained
Bajaj Finserv 5783.60 6.60
HCL Tech 830.10 5.30
CIPLA 771.00 5.12
Bharti Airtel 440.00 4.94
IndusInd Bank 512.00 4.44

Top 5 Losers

Company Closing Price % Loss
SBI Life 795.45 -1.11
BPCL 374.00 -0.86
UPL 502.20 -0.58
NA NA NA
NA NA NA

FII & DII Data:

Institution

Buying/Selling

FII

-2080.21 cr

DII

2070.63 cr

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