View for the day - 31st July, 2020

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Market Views for the Day:

  • A rather calm and subdued action on the last day of the month. The market did go below the daily trend line (View for the day - 30th July, 2020) but managed to close above it.
  • SBI has posted excellent results. A growth of 81%, driven by stake sale in the Insurance business
  • The market has been able to defend the level of 11050 for now, but the price action on the first half of Monday will be crucial to decide the markets momentum.
  • If we manage to stay above 11050, then the upper resistance of 11300 comes into frame but if 11050 is not defended, we could be headed towards 10800 zone.
  • Nifty Pharma has been able to gain more than 10% in last three days. All the other sectors posted moderate gains or ended the day in minimal red.
  • Bank Nifty ended the day in Unch. And the market looks like brewing for a big move. The first day of coming month could be very important for deciding range for the few trading sessions to follow
  • Markets started the day in Red with SGX Nifty Trading in “Red” at the beginning of session

Data Points:

  • The Sensex Opened at 37847.88 and closed at 37606.89 The high for the day way 37897.78 and the low for the day was 37431.68 . Sensex lost -0.34% for the day

  • Nifty Opened at 11139.50 , the high for the day was 11150.40, and the low for the day was 11026.65 . Nifty closed at 11073.45 . Nifty lost -0.26% for the day

  • Bank Nifty Opened at 21730.55 , the high for the day was 21806.95, and the low for the day was 21371.00 . Bank Nifty closed at 21640.05. Bank Nifty lost -0.03% for the day

Top Gainers & Losers:

  • The Sector for the day: Nifty Pharma (up nearly 3.11%). All the other sectoral indices had very minimal movement

  • The market Ended at the day in Red, but the breadth was firmly in favour of Bulls (34 advances, 15 declines and 1 unchanged for the day in, Nifty 50)

  • The Top 5 gainers (Nifty 50) for the day were- *Sun Pharma, CIPLA, Grasim, JSW Steel, UPL

  • The Top 5 losers (Nifty 50) for the day were – Eicher Motors, Reliance, HDFC bank, BAJAJ Auto, Kotak Bank

FII & DII data:

The Net FII selling for the day was -958.64 cr . The Net DII buying was 442.73 cr.

Views for tomorrow:

  • The marked has had a very quite day and trading on Monday becomes very vital for the market

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

  • Stocks to watch out : SunPharma, Grasim, HDFC bank, SBI and Dr. Reddy

  • 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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