Daily Market Commentary - July 22, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

Nifty started the day where it had left yesterday with a gap up. But it won't be able to hold there and on the higher side profit booking took some gains. Europian markets are trading with small cuts and the US future too seems a tired bit. Exhaustion of bulls has been witnessed throughout the day though Reliance continued to support the market and in the process managed to cross above 2000 levels. Bears today tried to get in fresh air but won't be able to hold the grip thanks to Axis bank, Icicibank, Titan, and Reliance. Though Bajfinance and Bajaj Finserv continue to distract post bad numbers. Finally, Nifty has closed well above the 11100 levels and kept bears waiting in the cue.

Market breadth remained neutral. For every nine gainers, there were ten losers. Sectoral indices too remained a mixed bag. India VIX gained by 1% and closed above 24.50, USDINR trading at 74.62.

Going forward, major support will be seen around 10830 and Resistance will be 11230-11240.

Source : Equity Bulls

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