Daily Market Commentary - Sep 16, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian market started the day in green on the back of bullish global cues. Nifty continued its northward move thanks to the IT and Pharma sectors which hold it in green throughout the day. In the last couple of hours, banking stocks also participated and help Nifty to push the Nifty above 11600.

In Nifty 50, the first five gainers are Drready, M&M, Hindalco, Bajaj-auto and Britannia. Whereas major losers were Indusind, Ntpc, Sbi, Axisbak and Infratel.

Market breadth remained in favor of Bulls. For every five gainers, there were three losers. India Vix contracted by 4.43% closed below 20.

Going forward, major support will be seen around 11440 and Resistance will be 11820.

Source : Equity Bulls

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