Daily Market Commentary - Sep 3, 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 Monotorium. Finally, Nifty managed to close above 11500 and Banknifty close above 23500.

Idea is considering fundraising for payment of AGR dues initial payment, the board meeting will be held on 4th Sep 2020. The stock managed to gain 26.40%.

In Nifty, Infratel, Grasim, Titan, Upl and wipro, remained the first five gainers. Whereas major losers were Icicibank, Infratel, Axisbank, Kotakbank and Hindalco were major draggers.

Market breadth remained in favor of bulls. For every three losers, there were more than five gainers. India Vix corrected by more than 3% closed below 21.

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

Source : Equity Bulls

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