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:
- Market is back to its best and trading is in a simple level to level trading phase. In our last post, we had talked about 10750 -10800 being the level to watch out. And in lines of expectation , the market has gone and tested the level of 10800 and closed near it.
- Bank Nifty is showing a lot of strength in the market and is supported by trend line (Figure 1). But it runs into Resistance at 22500
- Even the Nifty is trading near its resistance level of 10800 (Figure 2)
- 10500 and 10650, have 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.
- The Sensex Opened at 36313.46 and closed at 36487.28. The high for the day way 36661.66 and the low for the day was 36254.02 . Sensex gained 1.29 % for the day
- Nifty Opened at 10723.85 , the high for the day was 10811.40, and the low for the day was 10695.10 . Nifty closed at 10763.65 . Nifty gained 1.47% for the day
- Bank Nifty Opened at 22270.95 , the high for the day was 22399.25, and the low for the day was 22171.05 . Bank Nifty closed at 22198.95 . Bank Nifty lost 1.59% for the day
Top Gainers & Losers:
- The Sector for the day: Nifty Bank (up 1.59%),Nifty Auto (up 2.88%), Nifty Metal (up 2.47%), Nifty Realty (up 3%). All the sectors other than Pharma ended in Green.
- The Top 5 gainers (Nifty 50) for the day were- M&M, Bajaj Finance, Hindalco, TATA Motors, Reliance Industries
- The Top 5 losers (Nifty 50) for the day were – Bajaj Auto, GAIL, Bharti Airtel, WIPRO, Dr. Reddy
FII & DII data:
The Net FII buying for the day was 348.35 cr . The Net DII buying was 263.47 cr.
Views for tomorrow:
- The Market started on a positive note and almost ended the day 1.29% high. The major impetus for the market came from Banks, Auto, Meatl & Realty sector
- The market has found a new comfortable range of 10600-10800 to trade in but it runs into series of technical resistances at these levels (Figure 2). As long as the level of 10650 holds, longs can be held.
- The market is expected to be little choppy, as we are entering at trading resistance levels both Nifty and Bank Nifty.
- With market settling above 10750, the market still has a technical target of 10950.
- For Nifty, the important levels are 10800 & 10959 (upside) and 10650 (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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