Daily Market Commentary - May 7, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

- Today, the Nifty opened with a gap down and went down in initial hours of trade on the back of the HUL GSK deal and weak global cues. Post that with the help of Auto stocks and Reliance, Bulls tried their best to fight back and recover the Nifty in middle hours but they failed to hold it above 9300 levels and Nifty settled just below 9200.

- Market Breadth remained neutral for the day. Except for Nifty Media and Nifty Metal who just managed to close in the green, all other sectors seen follow up selling. India VIX corrected by 3.50%, remained below 40.

- Going forward, Nifty will find support around 9110 levels, and resistance will be around 9350-9410 levels. Below 9150, it will find support around 8900-8800."

Source : Equity Bulls

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