Daily Market Commentary - Sep 14, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian indices opened in green inline with the global market. SEBI's new norms for multi-cap mutual fund schemes pushed quality midcap higher for the day. Though, supply on a higher side specifically in banking and NBFC stocks dragged Banknifty and Nifty to close near to the bottom of the day. Whereas, Nifty Auto and Nifty IT were supported the market to minimize the losses. Finally, Nifty closed at 11440 with a loss of 24 points.

In Nifty 50, the first five gainers are Hcltech, Wipro, Techm, UPL and TCS. Whereas major losers were Bhartiairtel, Bajfinance, BPCL, Powergrid, Sbin and Coal India.

Market breadth for the day remained in favor of Bulls. For every loser, there were three gainers. Indian Vix shoot up by 3.49% to close above 21.

Going forward, major support will be seen around 11185 and Resistance will be 11570.

Source : Equity Bulls

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