Daily Market Commentary - July 21, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Nifty started the day where it had left yesterday with a gap up. Dream run is going on. Today, it has also received support from the global market. Bears are enjoying lockdown in position and some short recovery from their end too fueling the market. Though Bajfinance and Bajaj Finserv distracted it with some negative surprises in quarterly results. Finally, Nifty has closed down well above the 11100 levels.

Market breadth remained in favor of bulls. For every five gainers, there were three losers. Except for FMCG and Pharma, all the rest of the sectoral indices closed in the green. India VIX contracted by 0.50% and closed above 24.40, USDINR trading at 74.64.

Going forward, major support will be seen around 10830 and Resistance will be 11230.

Source : Equity Bulls

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