Daily Market Commentary - June 2, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Nifty opened with a gap up and showed some profit booking in the initial 15 minutes only, after that Bulls managed to hold grip tight throughout the day. The Asian markets, as well as the European market, are showing the strength and journey towards 10000 might continue by Nifty.

Market breadth remained in favor of bulls for every four gainers there was one loser. Except FMCG all other sectors participated in the rally. India VIX contracted by more than 2% closed just below 30.50. USDINR trading at 75.11.

Going forward, 9832 will work as support, and on the higher side 10050 will work as resistance. For Banknifty major support will be 20220 and resistance will be seen at 20780-21000.

Source : Equity Bulls

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