Daily Market Commentary - July 8, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Nifty opened with a gap up and remained range-bound throughout the day and in the last hour, it has given up all the gains. The Nifty bank also lost its gains. In the process, Nifty has created a bearish engulfing pattern.

Market breadth remained neutral. Except for Nifty Pharma, Metal, PSUbank, FMCG and Media, all the rest of the sectoral indices closed in the red. India VIX gained by more than 4% closed above 26, USDINR trading at 75.07.

Going forward, major support will be seen around 10552 and Resistance will be 10850.

Source : Equity Bulls

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