Daily Market Commentary - Aug 28, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Market started the October series with a positive note on the back of stronger global cues. Nifty continued its northward journey with stronger support from the Banknifty which gained more than 3.91% today and around 9.97% this week. Though, IT majors like Infy and TCS witnessed selling pressure. The stocks like Sunpharma also resumed its upward journey.

Nifty's major resistance of 11614 has conquered on a closing basis. Nifty is giving V' Shape recovery on the weekly chart which may show a further leg up.

Today's major contribution is seen from scrips like Indusindbank, Axisbank, UPL, SBIN and ICICIbank. Whereas, Jswsteel, Heromotoco, Drready, Powergrid and Infy were major draggers.

-Market breadth remained neutral. For Ten losers there were Nine gainers. India VIX contracted by 3.4%, closed below 19.

Going forward, major support will be seen around 11500 and Resistance will be 11880.

Source : Equity Bulls

Keywords