Market Wrap Up - September 11, 2020 - Angel Broking

Mr. Aamar Deo Singh, Head Advisory, Angel Broking Ltd

"Markets ended today's session on a flat note, on back of mixed global cues and profit booking. The Nifty 50 settled at 11464, up 15 points whereas the Bank Nifty ended flat at 22479. It was a evenly poised day with both bulls and bears unable to overcome each other. Amongst the Top 3 Nifty gainers were Wipro, SBI and Tech Mahindra whereas the Top 3 Nifty losers were Zee, Indusind and Power Grid. Advances outnumbered declines by 3:2 indicating a positive bias. India VIX has cooled off this week, which is a good sign, to end the week at 20.7, down 6.5% WoW. Overall, Nifty continues to trade with a positive bias, with support seen around the 11050-11100 zone whereas resistance is seen around 11650-11750 range."

Mr. Keshav Lahoti, Associate Equity Analyst, Angel Broking Ltd

"On Friday Indian indices closed flat after trading in range bound manner during the day. Sensex and Nifty closed up by 15 points (0.04%) and 15 points (0.13%) respectively. For the week Sensex and Nifty gained by 1.30% and 1.16% respectively. Today's best performing index Nifty IT (up 1.29%) hits it's all time high. Wipro, Tech Manindra, TCS up by 3.08%, 2.02% and 1.84% led to rally in the Nifty and Nifty IT. Nifty IT is rising as its business is not majorly affected due to COVID-19 and secondly WFH culture will lead to better margins for such IT companies. Nifty Midcap 100 (up 0.68%) and Nifty Smallcap 100 (up 0.27%) outperformed Nifty. Global cues were positive as Nasdaq Futures, Dow Futures and FTSE and were up by 0.86%, 0.56% and 0.30% respectively."

Source : Equity Bulls

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