Daily Market Commentary - April 17, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

"Today, Nifty opened strong due to the news of rapid recoveries of corona virus patients in the US after taking drugs of Gilead Sciences Inc and big gains in Dow future. Post RBI conference nifty corrected till 9092 and bounced back in last 2 hours of trading to close above 9250. On a weekly basis nifty has given strong close, but it formed "hanging man" on a daily chart with a close above 20 day trading range.

Market Breadth was in favor of bulls. For every loser, there were more than five gainers. Small-cap outperformed Nifty on 3rd consecutive day. Except for Pharma and FMCG, other major sectors managed to close in green led by Banking and Auto. USDINR ended its upward journey and after volatile session, it closed near major resistance level of 76.50. India VIX closed below 43, corrected more than 7.7%. Going forward, Nifty will find support around 9080 levels and resistance will be around 9420."

Source : Equity Bulls

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