View for the day - 28th Sept, 2020

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Market View for the Day:
The market has been become a classic case of level to level based trading. And the intraday range of the market has also widened. So, the market is duly rewarding both scalpers and also those with a bigger view in the market. But one has to be very careful with the stop losses for the day. Once a level is challenged and broken, immediately the next levels come into action.
There has been lot of positivity in the global market and which got rubbed off on the local Indian market also.
In line of our expectation, the market has been able to achieve the target of 11200 and it opens door for 11500. But, for the continuation of up move, the level of 11100 becomes a very crucial level of support.
All the major indices ended the day in green. Nifty Media, Nifty Auto, Nifty Bank and Nifty Realty were the major gaining indices for the day.
Even Bank Nifty showed a lot of strength in the market. And it has been able to achieve the target of 21600 (high 21709). And by keeping the support level of 21200, the next level in line is 22500.
The market started the day in Green and the breadth at the end of the day was firmly in favour of bulls (46 advances and 4 declines in Nifty 50 for the day).

Views for Tomorrow:

Early festivities in the market in Bulls and the momentum in the market can be expected to continue. The next level to watch on the upside is 11450. And the important level of support in the market is near 11100 levels.
Stocks to watch out for tomorrow: IndusInd bank, ONGC, Bajaj Finserv, Adani Ports, Sun Pharma.
The important level of resistance for Bank Nifty is around 22200 and which is also the expected level of target on upside. The level of support in the market is around 21200.

Data Points

Index Open High Low Close Gain/Loss
Sensex 37756.25 37972.40 37544.05 37890.64 1.34%
Nifty 11140.85 11227.45 11099.85 11199.25 1.35%
Bank Nifty 21152.05 21708.85 21055.10 21665.50 3.26%

Top 5 Gainers:

Company Closing Price % Gained
IndusInd bank 566.00 7.99
Bajaj Finserv 3340.00 6.41
Axis Bank 438.05 5.54
ONGC 72.10 4.64
TATA Motors 133.10 4.60

Top 5 Losers

Company Closing Price % Loss
WIPRO 311.55 -0.75
HUL 2068.00 -0.53
Nestle India 15719.00 -0.11
Infosys 1010.90 -0.05
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