View for the day - 29th july, 2020

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Market Views for the Day:

  • The market is getting resisted again in the all-important zone of 11300-11400. And it settled again near the pivot level of 11200 (11197.20)
  • Tomorrow, being the monthly futures and options expiry, we could be in for an action packed day as there is no clear sense of direction
  • 11150 becomes a level to watch out on downside as it could pave way for expiry
  • The trend line support mentioned in the last report also needs to be watched out (Figure 1)
  • Interglobe Aviation (Indigo) and Maruti Suzuki posted losses in their quarterly results and which had an impact on the market sentiments
  • Nifty Pharma was the shining star for the market. All the other sectors lost a little bit of ground today
  • Bank Nifty is standing at a very important juncture (near 22000). It’s near a very important trend line support (Figure 2)
  • Markets started the day in Green with SGX Nifty Trading in “Green” at the beginning of session

Fifure 1(Nifty Daily chart, www.zerodha.com)


Figure 2 (Bank Nifty Daily chart, www.zerodha.com)

Data Points:

  • The Sensex Opened at 38427.15 and closed at 38071.13 The high for the day way 38617.03 and the low for the day was 37884.42 . Sensex lost -1.10% for the day

  • Nifty Opened at 11276.90 , the high for the day was 11341.40, and the low for the day was 11149.75 . Nifty closed at 11202.85 . Nifty lost -0.86% for the day

  • Bank Nifty Opened at 22075.00 , the high for the day was 22346.40, and the low for the day was 21906.35 . Bank Nifty closed at 22076.60. Bank Nifty lost -0.13% for the day

Top Gainers & Losers:

  • The Sector for the day: Nifty Pharma (up nearly 3.09%). All the sectors posted moderate losses for the day

  • The market Ended at the day in Green, and the breadth was evenly sistributed (22 advances, 28 declines for the day in Nifty 50)

  • The Top 5 gainers (Nifty 50) for the day were- Dr Reddy, TATA steel, IndusInd Bank, Grasim Infratel

  • The Top 5 losers (Nifty 50) for the day were – Reliance, M&M, HCL Tech, Nestle India, Hero Motocorp

FII & DII data:

The Net FII selling for the day was -352.62 cr . The Net DII selling was -505.62 cr.

Views for tomorrow:

  • **In tomorrow’s trading, both support (11150) and resistance (11350) levels could be challenged (Figure 1)

  • The Sector to watch out for tomorrow are Pharma, IT and bank.**

  • Stocks to watchout for tomorrow : Dr. Reddy’s, TATA steel, Reliance, HCL Tech

  • The broader range for tomorrow’s expiry could be 11100-11300

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

  • For Bank Nifty, the important levels to watch out on upside are 23000 and 22500. The important supports are at 21500 and 20900. All the major Private sector banks could pave the way for tomorrow

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