Daily Market Commentary - Sep 21, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian market started on the flattish note but the concerns over the COVID-19 won't allow it to outperform against the global peers. The market reacted on the news that many countries like ITALY, FRANCE, GREECE, LONDON are considering another lockdown. FED action already given a hint of concerns on the growth front may continue for the next couple of years. The banking stocks got punishment and heavyweight Reliance has shown first indications of profit booking. Even defensive space like pharma, FMCG got the same treatment.

In Nifty 50, only three stocks managed to close in green i.e. TCS, INFY and Kotakbank. Whereas major losers were Indusind, Tatamotors, Hindalco, Tatasteel and JSWSteel.

Market breadth remained in favor of Bears. For every two gainers, there were six losers. India Vix gained by 13.22% closed above 22.60.

Going forward, major support will be seen around 11185 and Resistance will be 11550.

Source : Equity Bulls

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