Daily Market Commentary - April 28, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

"Today, Nifty opened with a gap-up on stronger global cues. But, in the initial hour of trade, it could not sustain and sell-off filled the opening gap. Bulls managed to fight back and finally managed to close nifty above 9380 levels. Nifty is trading broadly within the range of 9260-9390. Market Breadth was in favor of the Bulls. For every two losers, there were three gainers. Except for Pharma, FMCG and Metals all sectors participated in today's recovery which led by Private banks and NBFC. India VIX contracted further by 7+% & remained just below 35.50 levels. USDINR is trading at 76.14. Going forward, Nifty will find support around 9150 levels, and resistance will be around 9460-9510."

Source : Equity Bulls

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