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 1
Market View for the Day:
- The market is stuck in a range and consolidating. The more the amount of time spent here (range of 11175 to 11320), it makes it a stronger support or resistance, depending on the direction the market takes. A break below 11150 could mean we could be testing the levels of 10800 and if we manage to close above 11300, we could be heading towards 11600 zone again.
- The market today gave a lot of scalping opportunity to traders. The 50 DMA level is proving to be resistance for market.
- A rather mixed bag for various indices. Nifty FMCG was the major gainer for the day and nifty metal was the highest loser for the day.
- Bank Nifty has been rather calm and subdued. Bank Nifty is stuck in a tighter range and is waiting for a substantial breakout.
- The market started the day in Red and the breadth at the end of the day was firmly in favour of bears (20 advances, 19 declines and 1 unchnaged in Nifty 50 for the day).
Views for Tomorrow:
- The market is in a range and have a lot of scalping opportunity for day traders. 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. A range breakout is on cards and one should be careful while taking directional trades
- Stocks to watch out for tomorrow: Hindalco, ICICI bank, TITAN, TCS, 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.
Top 5 Gainers:
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Top 5 Losers
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