Daily Market Commentary - July 16, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Nifty opened with a gap up avoiding bearish global cues. Post that it has seen a sharp sell-off before settling down and started gaining momentum in the second half. Participation from the mid and small-cap was missing for the day.

Market breadth remained neutral. For every nine gainers, there were ten losers. Except for Reality and Media, all the rest of the sectoral indices closed in the green. India VIX contracted by more than 3% and closed above 25, USDINR trading at 75.25.

Going forward, major support will be seen around 10550 and Resistance will be 10830.

Source : Equity Bulls

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