Daily Market Commentary - Aug 18, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

The Nifty started the day on a flattish note. But managed to bounce back sharply and crossed a recent high of 11366 and successfully closed above it. The global markets are a mixed bag.

Today's major contribution is seen from Grasim, Ultratech, Jswsteel, Kotakbank and ICICIbank. Whereas, Bajaj-auto, Cipla, Techm, Heromoto, and BPCL were major draggers.

Market breadth remained strongly in favor of Bulls for every loser there were three gainers. India VIX increased by 4%, closed above 20.80.

Going forward, major support will be seen around 11200 and Resistance will be 11460.

Source : Equity Bulls

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