View for the day - 26th 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 is stuck in a tighter range between 10200 and 10400. And it’s a classic case of Nifty consolidating before making a major move.
  • Market has however ended strong with IT sector proving to be the major catalyst for strength.
  • Markets started on a Positive Note for the day with SGX Nifty Trading in Green at the beginning of session.

Data Points:

  • The Sensex Opened at 35144.78 and closed at 35171.27 . The high for the day way 35254.88 and the low for the day was 34910.34 . Sensex gained 0.94% for the day
  • Nifty Opened at 10378.90 , the high for the day was 10409.85 and the low for the day was 10311.25 . Nifty closed at 10383.00 . Nifty gained 0.91% for the day
  • Bank Nifty Opened at 21735.05 , the high for the day was 21784.65 and the low for the day was 21320.10 . Bank Nifty closed at 21592.05 . Bank Nifty gained 0.40% for the day

Top Gainers & Losers:

  • The Sector for the day: Nifty IT, gained 4.05% for the day. All IT majors like Infosys (6.81%), NIIT Tech (6.03%), TCS (3.75%) ended in Green
  • The Top 5 gainers (Nifty 50) for the day were- Infosys, BPCL, TCS, IOC, IndusInd Bank
  • The Top 5 losers (Nifty 50) for the day were – Bajaj Finance, ITC, InfraTel, Kotak Bank, TATA Motors

FII & DII data:

The Net FII selling for the day was -Rs 753.18 cr . The Net DII buying was Rs 1304.18 crores.

Views for tomorrow:

  • The Market started on a positive note and ended the day almost with 1% gains. The major impetus for the market came from IT sector, it gained nearly 4% for the day. The overall breath of the market has been very good.
  • The market has been able to defend the all-important level of 10200 and trading well above it. The Market is brewing for a big move.
  • However, the market is yet to trade comfortably above the decisive resistance of 10400.
  • For Nifty, 10300 become an important support for the day. If the market continues to trade above 10300, the recent highs of 10550 levels should be re-tested. Important levels on downside are 10200 and 10500 on upside
  • For Bank Nifty, 21800 is a very crucial resistance. The important level on the downside are 21000 and 20500. If market sustains above 21400, then moves to near 22000 cannot be ruled out.

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