Daily Market Commentary - April 21, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

"Today, Nifty opened with a sharp gap-down due to crude-saga and negative global cues. Though buying interest seen near 8900 level which helped Nifty to give close above 8950. The market is expecting a stimulus package from the Government which might help the economy. Market Breadth was in the favor of the Bears. For every gainer, there were more than a couple of losers. Except for Pharma, none of the sectors managed to hold in green. USDINR resumed an upward journey. Now resistance is at 77.10 levels. India VIX again started going up, it closed with gains of 4%. It is higher which is an indication of high volatility in coming sessions. Going forward, Nifty will find support around 8880 levels and resistance will be around 9131. Above 9131 next level of resistance will come at 9390 and below 8880 the level of 8680 will work as support."

Source : Equity Bulls

Keywords