Daily Market Commentary - Sep 2, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Market started the day on a positive note on the back of positive global cues from the US and the Asian market was a mixed bag. There was range-bound trading throughout the day in Nifty and Banknifty witnessed selling pressure due to the awaited verdict on Moratorium. Today's trading remained largely into yesterday's range. Finally, Nifty managed to close above 11500 and Banknifty close above 23800.

In the last 72 hours, the market has factored in major news like AGR verdict and India-China issues.

Idea is considering fundraising for payment of AGR dues initial payment, the stock managed to gain 11.20%. Adanigreen ranked as the largest power generation owner in the world, the stock managed to gain 10%. Infosys committed 12000 new American jobs in the next two years, the stock closed 1% higher.

August Month's end auto number remained a mixed bag due to a lower base rate and reopening of the economy. Auto indices gained 1%.

In Nifty, Zeel, M&M, Tatamotors, Infratel and Adaniport remained the first five gainers. Whereas, major losers were Nestle, Heromoto, Baja-auto, HDFC and Hinduniliver were major draggers.

Market breadth remained in favor of bulls. For every two losers, there were more than four gainers. India Vix corrected by more than 3% closed below 21.50.

Going forward, major support will be seen around 11325 and Resistance will be 11800.

Source : Equity Bulls

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