View for the day - 30th July, 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:

  • In lines of our expectation, the monthly futures and options expiry happened near the 11100 levels and which could provide some lead to the direction of the market.

  • The market did start on a positive note today butcontinuous selling pressure pushed the market down towards the lower end of the range

  • 11050 becomes a level to watch out on downside and it is also the point of trend line support in the market (Figure 2)

  • HDFC has posted quarterly result, which beats expectation

  • Nifty Pharma was the shining star for 2nd consecutive day. All the other sectors ended the day in Red. Bank Nifty, Nifty financial services and Nifty Media were the major losers for the day

  • Bank Nifty looks weak and is targeting to go towards the next level of supports in the market. We have a triangle formation (Figure 1) on the chart and a break on wither sound could mean a 5% move in the market.

  • Markets started the day in Green with SGX Nifty Trading in “Green” at the beginning of session

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

Figure 2: (Nifty Daily Chart. www.zerodha.com)

Data Points:

  • The Sensex Opened at 38262.83 and closed at 37736.07 The high for the day way 38413.81 and the low for the day was 37678.42 . Sensex lost -0.88% for the day

  • Nifty Opened at 11254.30 , the high for the day was 11299.95, and the low for the day was 11084.95 . Nifty closed at 11102.15 . Nifty lost -0.90% for the day

  • Bank Nifty Opened at 22195.05 , the high for the day was 22252.60, and the low for the day was 21580.15 . Bank Nifty closed at 21646.85. Bank Nifty lost -1.95% for the day

FII & DII data:

The Net FII buying for the day was 207.3 cr . The Net DII selling was -387.24 cr.

Top Gainers & Losers:

  • The Sector for the day: Nifty Pharma (up nearly 3.11%). All the sectors lost some ground today

  • The market Ended at the day in Red, and the breadth was firmly in favour of Bears (13 advances and 37 declines for the day in Nifty 50)

  • The Top 5 gainers (Nifty 50) for the day were- Dr Reddy, Sun Pharma, WIPRO, VEDL, Maruti

  • The Top 5 losers (Nifty 50) for the day were – BPCL, IndusInd Bank, IOC, HDFC, Axis Bank

Views for tomorrow:

  • **For all technical reasons, we can say that the monthly expiry gives an indication that the levels of 11400 will be very important level if the market needs to have a strong move upside

  • The Sector to watch out for tomorrow are Pharma, Financial services and bank.

  • *Stocks to watch out : HDFC, Dr. Reddy, Sun Pharma

  • The crucial support for Nifty now is 11000.

  • For Bank Nifty, the important levels to watch out on upside are 22100 and 22500. The important supports are at 21500 and 20900.

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