Daily Market Commentary - July 14, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Nifty opened with a gap down on the back of weak global cues. It has broken the major support level of 10700 and approached towards 10550 posts that it has managed to bounce back till 10620. Nifty has given close below upward sloping wedge which is bearish.

Market breadth remained in favor of Bear. For every loser, there were a couple of gainers. Except for Pharma, all the rest of the sectoral indices closed in the red. India VIX remained, gained more than 5% and closed above 26.50, USDINR trading at 75.38.

Going forward, major support will be seen around 10550 and Resistance will be 10810.

Source : Equity Bulls

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