Daily Market Commentary - April 7, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

"Nifty opened with a big gap up post long weekend on the back of strong global cues and expectation of stimulus package in Japan. It opened well above Friday's high and maintained this bullish gap throughout the day. In the last hour of trade, sharp short covering helped Nifty to close a few points short of 8800. Market Breadth was in favour of bulls. For every loser, there were more than seven gainers. All major sectors participated in today's rally led by Banking, Auto and Pharma. India VIX contracted further to reach the levels of 51.80. INR also managed to gain lost ground and it was trading near 75.60 against USD. Going forward, Nifty will find support around 8360 levels whereas resistance will be around 9049".

Source : Equity Bulls

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