Daily Market Commentary - Aug 26, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Market started the day on a flattish note. The Global market was a mixed bag. Nifty remained a choppy range in the first half. In the second half, strong support of Private banks and Reliance pushed Nifty above 11500 on the closing basis. Banknifty continued its winning trend and contributed majorly to the Nifty.

Today's major contribution is seen from scrips like Tatamotors, Heromotoco, Bajfinance, Indusindbk, Zeel and Kotakbank. Whereas, Bhartiairtel, Ultratech, Asianpaint, Maruti and HDFCLife were major draggers.

Market breadth remained in favor of Bulls. For every loser, there were two gainers. India VIX remained flattish, closed below 20. USDINR is trading at 74.27.

Going forward, major support will be seen around 11445 and Resistance will be 11614.

Source : Equity Bulls

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