Daily Market Commentary - June 8, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

Market opened with a gap-up on the back of strong global cues. But it won't be able to hold the gains as the Asian markets corrected from intraday high and the European markets too won't be able to continue upward move. Nifty kissed levels of 10327 and gave up the gains to see day's low of 10121 on the back of profit booking before closing with nominal gains of 0.25%.

Market breadth has remained in favor of bulls for every three gainers there was one loser. Nifty Bank, IT, NBFC & Reality managed to close in green. India VIX gained by 3.5% closed above 29. USDINR trading at 75.54.

Going forward, 10030 will work as support, and 10325 will work as resistance.

Source : Equity Bulls

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