Daily Market Commentary - July 23, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Nifty started the day with minimal gains and after going into the red for some time it managed to bounce back and gradual progress towards 10230 levels has seen. Finally, the weekly option expiry happened on a positive note. Dream run in Reliance is consistently keeping bears on their toes. Today it has received crucial help ICICI bank and Drready too.

Market breadth remained in favor of bulls. For every five gainers, there were three losers. Except for NiftyIT, all other sectoral indices closed in green. India VIX contracted by more than 0.50% and closed above 24, USDINR trading at 74.80.

Going forward, major support will be seen around 11080 and Resistance will be 11230-11240.

Source : Equity Bulls

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