Daily Market Commentary - May 26, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

- Today, Nifty opened with a gap up of more than 0.75% thanks to strong global cues. But Nifty failed to hold gains post initial rally on the back of selling pressure in pharma, IT, and NBFC. Big deals in Bharti Airtel also put pressure on the market from the first minute of trade. Finally, Nifty just managed to close in red.

- Market Breadth remained in favor of the Bulls. For every four gainers, there were three losers. Except for Nifty IT, Pharma and Media other sectoral indices closed in green. India VIX contracted by 2.5%, remained just below 32. USDINR is trading at 75.63.

- Going forward, the market may see volatility due to expiry week. The rollover will decide the momentum for the market. Currently, Nifty is in the range of 8950-9200. It may continue to trade within range for a day or two.

Source : Equity Bulls

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