Daily Market Commentary - May 6, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Today, the Market has shown a roller coaster move. Nifty opened with small gains and sold off in initial hours of trade till 9116 before moving back in green till 9346 levels and corrected till 9188 before closing above 9270.

Market Breadth was in the favor of the Bulls. For every four losers, there were five gainers. Except for FMCG, all sectors saw some recovery after two days of healthy correction. India VIX corrected by 5%, remained below 42. USDINR is trading with gains of 0.30%, at 75.90.

Going forward, Nifty will find support around 9110 levels, and resistance will be around 9350-9410 levels. Below 9150, it will find support around 8900-880.

Source : Equity Bulls

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