Daily market commentary - April 15, 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 above 9200 but in the second half failed to hold above 9000.

Market Breadth was in favor of bulls. For every loser, there were two gainers. Midcap and small cap outperformed Nifty. Moreover, profit booking seen in Pharma. NBFC, Auto and baking again have seen supply on higher levels. Whereas, FMCG, Media and Metals closed in green. USDINR is showing resistance around 76.50 and correction below 76 may bring strength in INR. India VIX closed below 50, corrected more than 3.70%. Going forward, Nifty will find support around 8700 levels whereas resistance will be around 9260-9320."

Source : Equity Bulls

Keywords