Daily Market Commentary - July 29, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Nifty started the day on a flattish note on the back of mixed bag global cues. The Nifty has witnessed selling pressure near to 11320-11340 range. In the first half, Banknifty managed to hold in green but by the end of the day, it closed in the red. Showstopper Reliance has seen profit booking and suit followed by other heavyweights too. The exception of pharma majors Drready and Sunpharma other stocks showed resistance on higher levels. Finally, Nifty managed to close just above 11200 levels.

Market breadth remained in favor of Bears. For every three gainers, there were five losers. India VIX expanded by more than 2%, remained above 24, USDINR trading at 74.74.

Going forward, major support will be seen around 11150 and Resistance will be 11350.

Source : Equity Bulls

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