Daily Market Commentary - Sep 17, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian market started the day in deep red on the back of bearish global cues as the FED kept the key rate unchanged and expected to keep the rate near to zero for the next three years. Nifty's northward journey got broken. Banknifty put major pressure on Nifty which is also supported by heavyweights like TCS and Reliance. On the other hand pharma stocks like Drready and Lupin closed in green.

In Nifty 50, the first five gainers are Drready, Hcltech, Zeel, Infy and Maruti. Whereas major losers were Shreecem, Bajfinanace, Bajajfinserv, Nestle and Britannia.

Market breadth remained in favor of Bears. For every four gainers, there were five losers. India Vix gained by 2.09% closed above 20.

Going forward, major support will be seen around 11440 and Resistance will be 11620.

Source : Equity Bulls

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