Daily Market Commentary - April 20, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

"Today, Nifty opened gap-up but failed to hold gains due to mix cues from global markets and worries over coronavirus. Throughout the day market remained largely within the range of 9230 to 9340.

Market Breadth was in favor of bulls. For every loser, there were more than couple of gainers. Small-cap and Mid-cap outperformed Nifty on a consistent basis since last week. Except for NBFC, Media, IT and Reality, other major sectors witnessed small profit booking. USDINR ended its upward journey and after a volatile session, it is trading below a major resistance level of 76.50. India VIX has broken the correction cycle for the day, it has closed just above 43, with gain of more than 1.5%. Going forward, Nifty will find support around 9080 levels and resistance will be around 9390. Above 9390 next level of resistance will come at 9650 and below 9080 the level of 8880 will work as support".

Source : Equity Bulls

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