View for the day - 7th July, 2020

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Market Views for the Day:

  • Market is trying to settle in its new found range of 10600-10800. It is finding a stiff resistance around 10800 (View for the day - 6th July, 2020). And the support for the market comes around 10650. If the market fails around 10820, we could be heading back to near 10650 levels.
  • Bank Nifty is showing a lot of strength and it settled above it strong resistance of 22500. And now it looks poised to have a crack at 23400 levels. On the downside, it has got, good support at 22000 levels.
  • 10500 and 10650, have become a very strong support for market now. And it’s the pivot for the market. And on the upside 10850 is the level to watch out. Break of that, we could be heading to 11000 handle
  • 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 36660.35 and closed at 36674.53. The high for the day way 36723.27 and the low for the day was 36271.09 . Sensex gained 0.51 % for the day
  • Nifty Opened at 10802.85 , the high for the day was 10813.80, and the low for the day was 10689.70 . Nifty closed at 10799.65 . Nifty gained 0.33% for the day
  • Bank Nifty Opened at 22254.30 , the high for the day was 22674.50, and the low for the day was 22040.35 . Bank Nifty closed at 22628.00 . Bank Nifty gained 1.93% for the day

Top Gainers & Losers:

  • The Sector for the day: Nifty Bank (up 1.93%),Nifty IT (up 2.07%). Nifty Metal and Nifty FMCG were biggest losers of the day. ICICI Bank, NIIT Tech, Infosys were the savior of day
  • Although the market did end in green, but the breadth was in favour of bears (19 advances and 31 declines in Nifty 50)
  • The Top 5 gainers (Nifty 50) for the day were- Bajaj Finance, IndusInd Bank, Bajaj Finsv, Eicher Motors, ICICI Bank
  • The Top 5 losers (Nifty 50) for the day were – Adani ports, Power Grid, Grasim, BPCL, ITC

FII & DII data:

The Net FII buying for the day was 829.9 cr . The Net DII selling was 784.47cr.

Views for tomorrow:

  • The Market started on a positive note and almost ended the day with 0.51% gains. The major impetus for the market came from Banks and IT Sector
  • The market did start on a bullish note, but it’s now staring at stiff resistance levels of 10850-11000.
  • If the market manages to trade above 10850, we could be heading towards 11000. But failure to do so, we could be testing back 10600 levels.
  • With market settling above 10750, the market still has a technical target of 10950.
  • For Nifty, the important levels are 10800 & 10950 (upside) and 10650 (downside)
  • For Bank Nifty the important levels to watch out on upside are 23000. The important supports are at 22000

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