Daily Market Commentary - June 17, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Market opened with a gap down due to the geopolitical tensions India-China at the same time global indices also remained a mixed bag. Meanwhile, the supreme court extended the decision on moratorium interest until the first week of August which helped the market to move up. Nifty tested an intraday high of 10002. In the last hour of trade profit booking witness in the market result of which the market closed just near to 9870.

Market breadth remained in favor of bulls. Nifty Bank, NBFC, FMCG, and Metals closed in the red rest all other sectoral indices closed in the green. India VIX gained by more than 1.35% closed above 33, USDINR trading at 76.30.

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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