Daily Market Commentary - Sep 8, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian market started the day with small gains and extended it to go above 11400 in the first half of the day. But in the last hour of trade, a sharp profit booking was seen in the market. The cross border tension with China is getting worsen which added fuel to profit booking and forced conservative traders to stay in cash. Finally, Nifty close the day near to the low at 11317.

In Nifty, the first five gainers are BPCL, HCLtech, Infy, Reliance and Wipro. Whereas major losers were Infratel, Tatamotor, Zeel, Hindalco, Tatateel and NTPC.

Market breadth remained in favor of Bear. For every three gainers, there were five losers. India Vix gained by 3.75% closed above 22.50.

Going forward, major support will be seen around 11200 and Resistance will be 11594.

Source : Equity Bulls

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