Daily Market Commentary - July 13, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Nifty opened with a gap up in line with the global market but faced stiff resistance at 10890 levels and sold off from there. Banking stocks remained under pressure. Reliance continued its dream run and crossed 12 lac crore market cap today. FMCG counters like HUL, ITC and Britannia provided major support to indices. IT counters like HCLTECH, TECHM & Wipro lead the show with Sunpharma from the pharma pack also contributed.

Market breadth remained neutral. For every nine gainers, there were ten losers. Except for Banking and Reality, all the rest of the sectoral indices closed in the green. India VIX gained more than 1.50% and closed above 25.50, USDINR trading at 75.19.

Going forward, major support will be seen around 10710 and Resistance will be 10900.

Source : Equity Bulls

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