Daily Market Commentary - May 28, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

Today, Nifty opened with small gains, but soon added gains to continue with yesterday's rally. Except pharma, fertilizers and PSU Banks, all other sectors closed in green. Metals, media, auto and capital goods registered gains of more than 2%.

In FnO basket, Zeel, NCC, Ujjivan were top gainers and United spirit, Yes Bank and PNB were top losers. Nifty added almost 70 points in the last 60 minutes on short covering. Nifty Rollover is 65.50% and Bank Nifty Rollover is 71.02%. USDINR is trading at Rs.75.8375. India VIX dropped to 30.02 (-4%)

Strong move in the Nifty might sustain for this week. Resistance is at 9600-9650 and support is at 9200. All eyes will be on prospective actions by the US against China over the Hong Kong issue.

Source : Equity Bulls

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