Daily Market Commentary - July 10, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Nifty opened with a gap down on the back of weak global cues. It is consolidating between 10690 to 10830 for the last four trading sessions at a higher range of upward sloping wedge. Today, it has closed with a Doji which indicated indecision making.

Market breadth remained in favor of Bear. For a couple of gainers, there were three losers. Except for FMCG, Pharma, IT & Relality, all the rest of the sectoral indices closed in the red. India VIX remained stable and closed above 25.50, USDINR trading at 75.25.

Going forward, major support will be seen around 10550 and Resistance will be 10850.

Source : Equity Bulls

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