View for the Day - 28th July, 2020

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Market Views for the Day:

  • Against all the odds the market has been able to breach the important level of 11250 and settled well above it
  • Now the door to next resistance of 11500 opens up and the bulls have a firm grip on the market (Figure 1)
  • Now the resistance of 11200-11250, becomes an important support for the market
  • We also have a trend line support coming in daily chart near the 11000 levels (Figure 1)
  • Nifty Auto, Nifty IT and Nifty Metal gained substantially in the market. Bank Nifty was also able to recover some lost ground.
  • The market has important support at 11000 and 11200
  • Bank Nifty is standing at a very important juncture (near 22200). A substantial amount of time above or below this could pave a way for 4-5% move.
  • Markets started the day in Red with SGX Nifty Trading in “Red” at the beginning of session

Figure 1: Nifty Daily chart (www.zerodha.com)

Data Points:

  • The Sensex Opened at 38052.18 and closed at 38492.95 The high for the day way 38554.72 and the low for the day was 37998.13 . Sensex gained 1.47% for the day

  • Nifty Opened at 11154.10 , the high for the day was 11317.75, and the low for the day was 11151.40 . Nifty closed at 11300.55 . Nifty gained 1.52% for the day

  • Bank Nifty Opened at 21940.15 , the high for the day was 22233.00, and the low for the day was 21611.40 . Bank Nifty closed at 22105.20. Bank Nifty gained 1.17% for the day

Top Gainers & Losers:

  • The Sector for the day: Nifty Auto (up nearly 3.21%), Nifty IT (Up 2.36%) & Nifty Metal (Up 2.24%). All the other Sectors (Other than Media) ended the day in Green.

  • The market Ended at the day in Green, and the breadth was firmly in favour of Bulls (42 advances, 8 declines for the day in Nifty 50)

  • The Top 5 gainers (Nifty 50) for the day were- UltraCemco, KotakBank, TCS, Grasim, Tata Motors

  • The Top 5 losers (Nifty 50) for the day were – ICICI Bank, Infratel, Nestle India, Asian Paints, ONGC

FII & DII data:

The Net FII buying for the day was 245.95cr . The Net DII selling was -1017.40cr.

Views for tomorrow:

  • The Sector to watch out for tomorrow are IT, Auto and Banks. Nifty looks set to test the next resistance zone of 11400-11500 zone.

  • Stocks to watchout for tomorrow - Ultra Cement, Kotak Bank, TCS, ICICI Bank, Infratel

  • The crucial support for Nifty now is 11200 and 11000.

  • For Bank Nifty, the important levels to watch out on upside are 22500 and 22300. The important supports are at 21500 and 20900. All the major Private sector banks could pave the way for tomorrow

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