Daily Market Commentary - Aug 19, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Today was another day of new high and range bound trading. The Global markets are a mixed bag and entire day option premium eating was going on in the domestic market. Nifty opened with a gap sold off a bit in the first half. In the second half, it has made new high and sold off again to close just in green. The small red candle at the high of the day. Though, Nifty managed to close above 11400.

Today's major contribution is seen from Zeel, Gail, Techm, Bharti and Maruti. Whereas, Bajaj-auto, ONGC, Nestle, Britannia, and Kotakbank were major draggers.

Market breadth remained strongly in favor of Bulls for every a couple of losers there were five gainers. India VIX contracted by 2.69%, closed below 20.

Going forward, major support will be seen around 11300 and Resistance will be 11470-11540.

Source : Equity Bulls

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