View for the day - 3rd 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:

  • A rather subdued day after an action packed four days of the week. The market opened strong with bulls having a firm grip on the market. But, the momentum soon fizzled out, and market got stuck in tight range
  • Nifty is trading comfortably in its new formed range. As long market is able to defend the 10500 level, things looks good for the bulls
  • 10500, has become a very strong support for market now. And it’s the pivot for the market
  • Markets started on a positive note for the day with SGX Nifty Trading in Green at the beginning of session.

Data Points:

  • The Sensex Opened at 36025.38 and closed at 36021.42. The high for the day way 36110.21 and the low for the day was 35872.38. Sensex gained 0.50% for the day
  • Nifty Opened at 10614.95, the high for the day was 10631.30 and the low for the day was 10562.65. Nifty closed at 10607.35. Nifty gained 0.53% for the day
  • Bank Nifty Opened at 22101.75, the high for the day was 22130.30 and the low for the day was 21768.00. Bank Nifty closed at 21852.40. Bank Nifty lost -0.46% for the day

Top Gainers & Losers:

  • The Sector for the day: Nifty IT (up 1.08%),Nifty Auto (up0.93%) and Nifty Realty (up 1.02%).
  • The Top 5 gainers (Nifty 50) for the day were- Eicher Motors, AdaniPorts, Bharati Airtel, HeroMotoCo, NTPC
  • The Top 5 losers (Nifty 50) for the day were – JSW Steel, Tata Steel, IndusIndBank, ZEEL, HDFC Bank

FII & DII data:

The Net FII buying for the day was +857.29 cr. The Net DII selling was -331.96 cr.

Views for tomorrow:

  • The Market started on a positive note and almost ended the day 0.5% high. The major impetus for the market came from Auto, IT & Realty sector
  • The market has comfortable settled in the new trading range above 10500 and it has hit its first target of 10600 above it
  • The market is expected to be little choppy, as we are entering new trading range.
  • With market settling at 10600, the door to 10750 remains open
  • For Nifty, the important levels are 10750 (upside) and 10450 (downside)
  • For Bank Nifty the important levels to watch out on upside are 22500 & 23000. The important supports are at 21500

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