Daily Market Commentary - Aug 17, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

The Nifty started the day with a green tick and selling pressure wiped out the morning gains in the first half. In the second half specifically in the last one-hour sharp bounce back put Nifty in the gains 0.50%.

Today major contribution seen from major IT stocks like TCS, Infy & Hcltech supported the Nifty to hold in green. Tata Motors post bad news managed to hold sideways.

Market breadth remained strongly in favor of Bulls for every loser there were two gainers. India VIX increased by 1.5%, closed above 21.

Going forward, major support will be seen around 11110 and Resistance will be 11380 below 11110 next level will be 10880.

Source : Equity Bulls

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