Daily Market Commentary - April 24, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

"Today, Nifty opened with a sharp gap-down due to negative global cues and news of Franklin Templeton AMC's decision to close six debt funds. As a result, NBFC and Banking stocks were under pressure. Throughout the day Nifty was in the range of 9149-9296 but sell-off in the last hour of trade created a new intraday bottom and Nifty finally settled near bottom and created the 'Doji' candle which indicates indecision in the minds of buyers and sellers. Market Breadth was in favor of the Bears. For every gainer, there were a couple of losers. Except Pharma, all sectors closed in red. India VIX remained below 40 levels. USDINR is trading at 76.3850. Going forward, Nifty will find support around 9000 levels, and resistance will be around 9300-9390 levels.

Source : Equity Bulls

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