Daily Market Commentary - April 9, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

"Today, Nifty opened on a stronger note on the back of bullish cues from the global market. In the initial hour of trade, it has consolidated till 8925 and later rallied to cross 9100. But it failed to cross yesterday's high of 9131. Market Breadth was in favor of bulls. For every loser, there were more than seven gainers. All sectors contributed in today's rally led by Auto, Banking, and Metals. USDINR is showing resistance around 76.50 and correcting below 76 may bring strength in INR. The next support level is 74.80. India VIX closed below 50. This is bullish for the market in the near term. Going forward, Nifty will find support around 8700 levels whereas resistance will be around 9210-9350. Nifty may test 9400-9550 in the coming week".

Source : Equity Bulls

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