Daily Market Commentary - August 20, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Market started the day with Bear in charge. Thanks to bearish global cues as the Federal Reserve warned the U.S. economy faced a highly uncertain path to recovery from the coronavirus-induced downturn. Asian market remained negative and US futures are still in red only. Nifty remained under pressure throughout the day. On the higher side, Nifty saw resistance at 11350 and Nifty future has hit low of 11260 before closing just above 11312.

Today's major contribution is seen from PSU companies like Ongc, BPCL, NTPC and Coal India. Whereas, Tata Motors, HDFC, ICICI Bank, Axis Bank and Wipro were major draggers.

Market breadth remained in favor of Bulls for every three of losers there were five gainers. India VIX contracted by 4.24%, closed above 20.

Going forward, major support will be seen around 11260 and Resistance will be 11470-11540.

Source : Equity Bulls

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