Daily Market Commentary - July 27, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Nifty monthly expiry started with the red candle on the back of the mixed bag global market. The normal tendency of the first trading day of expiry week is that it remains on the side where the opening hour of the day remains. Today it traded on the negative side in the opening hour and finally closed in the red. Banknifty was bleeding post comments from RBI. Whereas, Broking stock has seen a sell-off post flash of a direct exchange platform for the investor.

Today IT pack to lead the show with Reliance which allowed Nifty to outperform the banking stock and minimize the losses. Nifty holds 11100 levels quite effectively.

Market breadth remained in favor of bears. For every one gainer, there were a couple of losers. Except for NiftyIT and Metal, all other sectoral indices closed in the red. India VIX expanded more than 2%, remained above 25, USDINR trading at 74.77.

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

Source : Equity Bulls

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