Daily Market Commentary - May 29, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

Today, Nifty opened with losses of more than half percentage on the back of mixed global cues. In the initial hour losses extended near to 1% and post that continued buying support in Auto, FMCG & banking pulled the market in green again. At closing, it gained approximately 1%.

Today was the first day for the June series and Nifty was able to close above the major level of 9500. Market breadth remained in favor of bulls for every five gainers there were only a couple of losers. India VIX remained steady with the gains of more than 0.50% closed below 30.50. USDINR trading with a loss of 0.20% at 75.52.

Post rumors of google buying stake in IDEA, stock rallied more than 35% but profit booking saw once management denied the same.

Going forward, 9500 will work as support, and on the higher side 9780 will work as resistance.

Source : Equity Bulls

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