View for the day - 29th Sept, 2020

MarketView by Trade Brains Daily market analysis, updates and views for the next day. Get directly on your telegram. Join here: 1
Market View for the Day:
A day for technical traders. Market started on a positive note and was able to breach the level of 11300 in early trading hours. But then the market met stiff resistance from 50 DMA (Image 1) and we say profit booking and market lost more than 120 points on Nifty. And eventually ended the day near UNCH.
Now of range of 11100 to 11300 will become a very important. Any break of wither side could see a swing of 2-3%.
A rather mixed bag for various indices. Nifty Metal (up nearly 2%) was the highest gainer for the day. Nifty Bank (down 1.17%) and Nifty FMCG (down 1.51%) were the biggest losers of the day.
Nifty bank started the day strong but we saw profit booking near 21800 levels and eventually got supported near 21200 levels. Now the range of 21200 to 21800 becomes a very important one. Break on either side could see a move of nearly 1000 points.
The market started the day in Green and the breadth at the end of the day was firmly in favour of bears (18 advances and 32 declines in Nifty 50 for the day).

Image 1 (Nifty daily chart along with 50 DMA)

Views for Tomorrow:

A calm day and also a day of profit booking after two intense days of buying for the bulls. This could be a small pause taken by bulls before starting to ascend back up. But the levels of 50 DMA which was earlier acting a levels of support could prove to be a level of resistance for the market.
Stocks to watch out for tomorrow: Hindalco, Ultratech Cement, TITAN, IndusInd Bank, HCL Tech
For Nifty, the Important level of resistance for market is around 11300 levels and the crucial support level is 11100.The important level of resistance for Bank Nifty is around 21800 and the level of support in the market is around 21200.

Data Points

Index Open High Low Close Gain/Loss
Sensex 38176.86 38235.94 37831.35 37973.22 -0.02%
Nifty 11288.60 11305.40 11181.00 11222.40 -0.05%
Bank Nifty 21770.90 21811.50 21280.60 21411.30 -1.17%

Top 5 Gainers:

Company Closing Price % Gained
Hindalco 176.60 5.31
Ultra Cement 4052.40 3.32
Hero Moto Co. 3176.90 2.85
TITAN 1169.00 2.66
TCS 2486.75 2.49

Top 5 Losers

Company Closing Price % Loss
UPL 492.00 -3.49
ONGC 69.35 -3.48
IndusInd Bank 535.90 -3.46
Power Grid 162.75 -3.21
Axis Bank 427.50 -2.79

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The net FIII selling for the day was -1456.66 cr.
The net DII buying for the day was 576.5 cr.