View for the day - 29th 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:

  • As expected, the market is still trying to decide on the direction of the move
  • The Market has reacted in a negative way, with the number of cases increasing by day and Mumbai extending lockdown by another month
  • The Market stuck in still in a tighter range between 10200 and 10400. And it can still be called as a no trade zone.
  • Market ended weak with only FMCG index ending in Green
  • Markets started on a Negative note for the day with SGX Nifty Trading in Red at the beginning of session.

Data Points:

  • The Sensex Opened at 34926.95 and closed at 34961.52 . The high for the day way 35032.36 and the low for the day was 34662.06 . Sensex lost - 0.60% for the day
  • Nifty Opened at 10311.95 , the high for the day was 10337.95 and the low for the day was 10223.60 . Nifty closed at 10312.40 . Nifty lost - 0.68% for the day
  • Bank Nifty Opened at 21291.55 , the high for the day was 21440.05 and the low for the day was 21026.45 . Bank Nifty closed at 21359.00 . Bank Nifty lost -1.08% for the day

Top Gainers & Losers:

  • The Sector for the day: FMCG, gained 0.72% for the day. All FMCG majors like Britannia, HUL, ITC ended in Green. Nifty Meta and Nifty PSU banks were the biggest losers of the day
  • The Top 5 gainers (Nifty 50) for the day were- Britannia, HDFC Bank, CIPLA, Kotak Bank, ITC
  • The Top 5 losers (Nifty 50) for the day were – Coal India, AXIS Bank, Tech Mahindra, Hindalco, SBIN

FII & DII data:

The Net FII selling for the day was -1937.06 cr. The Net DII buying was 1036.13 cr.

Views for tomorrow:

  • The Market started on a negative note and ended the day almost three quarter of a percent lost on most indexes. The major impetus for the market came from FMCG sector, but all the other index ended the day in RED
  • The market has been able to defend the all-important levels of 10200 and trading above it. The Market is brewing for a big move.
  • However, the market is yet to trade comfortably above the decisive resistance of 10400.
  • But with a series of negative factors, the markets look like making a move downwards
  • For Nifty, 10300 become an important resistance for the day. If the market continues to trade below 10300, the recent lows of 10200 levels should be re-tested. Important levels on downside are 10200 and 10050. On the upside 10400 becomes a very important resistance
  • For Bank Nifty, 21600 is a very crucial resistance. The important level on the downside are 21000 and 20500. If market sustains below 21400, then moves to near 20500 cannot be ruled out.

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Another interesting happening of the day. Patanjali’s Ruchi Soya share hit lower circuit of -5% today after moving +8,800% in last six months.