Daily Market Commentary - Aug 21, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Market started the day with Bull in charge. Thanks to the bullish global cue as technology companies are supporting the US market to hold in green. Asian and European markets are following US suit. Nifty opened just above 11400 but wasn't able to close above it on a closing basis. Every time Nifty tried to go above 11400 supply witnessed by the market. On the other hand, Banknifty has seen consistent accumulation near to 22250 zones.

Reliance saw selling pressure as a hanging sword of AGR and the stock is also going through profit booking cum consolidation. Banking stocks have seen inflows due to expected rebalancing early next week.

Today's major contribution is seen from companies like NTPC, Powergrid, Asianpaints, Hdfcbank and Heromoto. Whereas, Reliance, Zeel, Bharti, Infy and HCLTECH were major draggers.

Market breadth remained in favor of Bulls for a loser there were two gainers. India VIX contracted by 4.45%, closed below 20.

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

Source : Equity Bulls

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