Daily Market Commentary - May 4, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

"Today, Nifty opened with a sharp gap down on the back of negative global cues and increased geopolitical tensions between the US and China. Initially, Nifty managed to hold above 9350 but in the second half, the losses extended further. Market Breadth was in the favor of Bear. For every three losers, there was only one gainer. Except pharma, all sectors witnessed bloodbath in today's session. India VIX increased sharply by more than 28% due to an increase in volatility. USDINR is trading with gains of 0.75%, at 75.67. Going forward, Nifty will find support around 9150 levels, and resistance will be around 9530-9750 levels. Below 9150, it will find support around 8900-8800".

Source : Equity Bulls

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