> 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:
- 11250, the most important level in the market. Fourth attempt made by the market but still massive selling pressure around this level (Figure 1)
- All the three major Indices (Sensex, Nifty, Bank Nifty) have their open for the day, as the High for the day and which is a bearish formation on charts
- Nifty Bank, Nifty Financial Services and Nifty Pharma lost substantial ground today.
- Now, looking at the price action, profit booking looks to be mantra and the next supports could be challenged in the market
- The market has important support at 11000 and 10800
- Bank Nifty has had a very weak close for the day and as expected in our views published on 24th July, 2020, the market tested the support levels of 22100 and settled below it.
- Bank Nifty has made double top formation on charts and looks set to test the next supports of 20950 (Figure 2)
- Markets started the day in Green with SGX Nifty Trading in “Green” at the beginning of session
Chart 1 (Nifty daily chart, www.zerodha.com)
Chart 2 (Bank Nifty daily chart, www.zerodha.com)
The Sensex Opened at 38275.34 and closed at 37934.73 The high for the day way 38754.34 and the low for the day was 37769.44 . Sensex lost -0.51% for the day
Nifty Opened at 11225.00 , the high for the day was 11225.00, and the low for the day was 11087.85 . Nifty closed at 11131.80 . Nifty lost -0.56% for the day
Bank Nifty Opened at 22664.60 , the high for the day was 22668.05, and the low for the day was 21801.35 . Bank Nifty closed at 21848.75. Bank Nifty lost -3.59% for the day
Top Gainers & Losers:
The Sector for the day: Nifty IT (up nearly 1.97%). All the other Sectors ended the day in Red.
**The market Ended at the day in Red, and the breadth was firmly in favour of bears (18 advances, 32 declines for the day in Nifty 50) **
The Top 5 gainers (Nifty 50) for the day were- Asian Paints, HCL tech, Infosys, UltraCemco, TCS
The Top 5 losers (Nifty 50) for the day were – ICICI Bank, ZEEL, HDFC bank, Axis Bank, IndusInd Bank
FII & DII data:
The Net FII selling for the day was -453.31cr . The Net DII selling was -977.88cr.
Views for tomorrow:
The Sector to watch out for tomorrow are IT and Banks. Bank Nifty has made a double formation and even the Nifty has not been able to breach the all-important 11250 levels.
The important support for Nifty now is 11000. The market has settled below the level of 11200. The crucial resistance on the upside is 11250
For Bank Nifty, the important levels to watch out on upside are 22500. The important supports are at 20900. All the major Private sector banks could pave the way for tomorrow
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