Daily Market Commentary - April 22, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

"Today, Nifty opened with a gap-up but failed to stay in the green zone during the initial hour of trade on the back of bearish cues from the global market. Later buying interest emerged near 8950 levels and strong recovery throughout the day helped nifty to close above 9150. Market recovery led by Reliance on the news of Facebook investing $5.7 billion in Jio. Reliance gained 9.83% for the day to close at 1359. Market Breadth was in the favor of the Bulls. For a couple of losers, there were more than three gainers. Except for Reality, every sector participated in the recovery. USDINR again witnessed profit booking near 77 level. India VIX resumed its downward journey after two days of up move, it closed below 43 with gains of 5%. Going forward, Nifty will find support around 8880 levels and resistance will be around 9390. Above 9390 next level of resistance will come at 9650 and below 8880 the level of 8680 will act as support."

Source : Equity Bulls

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