Daily Market Commentary - August 5, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

The Nifty started the day in green on the back of positive global cues. In the pullback move, it has tested levels of 11225 in the first half of the day. Post that market has witnessed supply which takes it to 11060 levels. Finally, with some recovery from the day's low Nifty settle down just above 11100 levels with small gains of six points.

The market players are waiting for the RBI credit policy declaration tomorrow post that one can see that the market will take either side stronger move.

Market breadth remained strongly in favor of Bulls. For a couple of gainers, there was a loser. India VIX contracted by more than 1%, remained below 24. Hindalco, Tatasteel, Eichermotors, Adaniport and Tata Motors remained the first five gainers and UPL, HDFCLife, Powergrid, Hdfcbank and Wipro remained highest five losers for the day. An exception of Nifty FMCG, Pharma and PSUbank all other sectors remained in the green zone. USDINR trading at 74.83.

Going forward, major support will be seen around 10880 and Resistance will be 11230.

Source : Equity Bulls

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