Daily Market Commentary - July 2, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

- Nifty opened with a gap up and maintained its momentum throughout the day thanks to IT and Pharma stocks as much required support from the major weightage baking sector was absent today. Finally Nifty managed to close above 10500 and just waited for the global market to stay strong to march towards 10730.

- Market breadth remained in favor of bulls. For a couple of gainers, there was only one loser. Except for PSU bank, all the rest of the sectoral indices closed in the green. India VIX contracted by more than 5.74% closed above 26.51, USDINR trading at 74.60.

- Going forward, major support will be seen around 10410 and Resistance will be 10730.

Source : Equity Bulls

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