Daily Market Commentary - Aug 25, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Market started the day on a positive note on the back of stronger global cues. Nifty remained a choppy range for the day. On the lower side, it has shown support at 11410 and resistance at 11520. Banknifty continues to outperform Nifty. Finally, it settles down at 11472 with marginal gains 5 points.

Nifty 11400 Strike put and 11500 Call has the highest open interest so the levels of 11500-11550 will prove as resistance and 11350-11400 will prove as major support. Currently, Bulls are ruling so they may force Nifty to move above 11550 in a coming couple of days.

Today's major contribution is seen from scrips like Tatamotors, Sbin, Bajfinance, Techm and Eichermotors. Whereas, Shreecem, Gail, NTPC, Sunpharma and Tatasteel were major draggers.

Market breadth remained neutral. For Nine losers there were ten gainers. India VIX contracted by 2.05%, closed below 20.

Going forward, major support will be seen around 11350 and Resistance will be 11540-11614.

Source : Equity Bulls

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