Daily Market Commentary - July 3, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Nifty opened with a gap up and maintained the range of 0.70% throughout the day. Nifty closed above 10600 after 9th March 2019 or after 75 trading sessions. It has created a Doji formation which indicates in decision making. Pressure has witnessed in baking stock for the day. The Reliance deal with Intel helped it to gain 1.5% for the day. Heavyweights like Hindunilver and TCS also help the indices to close in green.

Market breadth remained slightly in favor of bulls. Except for Niftybank, Metal and Media, all the rest of the sectoral indices closed in the green. India VIX contracted by more than 2.8% closed above 25.50, USDINR trading at 74.72.

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

Source : Equity Bulls

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