Daily Market Commentary - April 29, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

"Nifty opened with a gap-up on stronger global cues, short recovery and rollovers ahead of tomorrow's expiry. It continued to rally up to 9599.85 levels. Intraday profit booking at higher levels push Nifty back to 9530 levels. Market Breadth was again in favor of Bulls. For every loser, there were couple of gainers. Bajaj and HDFC Twins (i.e. HDFC, HDFCBANK, Bajaj finance and Bajaj finserv) pushed Nifty beyond 9550 well supported by metals pack ( Hindalco, Tata steel, VEDL and JSWSteel) and media (Zeel). This is an indication of long is getting roll over for June series. India VIX contracted further by +4%, & remained just below 34. USDINR is trading at 75.69. Going forward, Nifty will find support around 9390 & 9300 levels, and resistance around 9600-9770."

Source : Equity Bulls

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