Daily Market Commentary - June 16, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Market opened with a gap up due to the strong sentiments globally. But it won't be able to hold higher post news of India-China border conflicts. In the process, Nifty touched low of 9705 and bounced back till 9923 and finally settled near just near to 9900.

Market breadth remained neutral. Nifty FMCG, Psubank, Pharma, and reality closed in the red rest all other sectoral indices closed in the green. India VIX gained by more than 1.18% closed above 32.90, USDINR trading at 75.95.

Going forward, major resistance for Nifty is 10040 and support is at 9700. Whereas, Banknifty will face resistance around 20700 and support will be seen at 19100 levels.

Source : Equity Bulls

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