Daily Market Commentary - April 23, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

"Today, Bulls continued its winning run, Nifty opened with a gap-up and hold strong throughout the day. Though it failed to cross a major resistance level of 9390 but hold above 9300 on a closing basis.

Market Breadth was in the favor of the Bulls. For every loser, there were more than a couple of gainers. Pullback was led by IT and banking stocks whereas, FMCG and PSUBank Indices remained in the red. INR continued to strengthen again USD and made a low of 75.96. The volatility continued to contract further as India VIX lost more than 8% and closed below 40. Going forward, Nifty will find support around 9150 levels, and resistance will be around 9390. Above 9390 next level of resistance will come at 9650 and below 9150 the level of 9000 will act as support.

Source : Equity Bulls

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