Daily Market Commentary - Sep 23, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian market started the day with gains of nearly 1%. The worldwide concerns over the COVID-19, September expiry rollovers and growth worries kept the domestic market under pressure. At the same time, too much paper supply in form of IPO kept liquidity outflow higher. Nifty has broken all major support levels and marked day low at 11024 before a bounceback of more than 100 points in the last half hour of trade to finally settle at 11131. In the process, Nifty has given close below 50 EMA on the second consecutive days.

In Nifty 50, the first five gainers were Axisbank, Coalindia, Gail, HDFCbank and Hindunilever. Whereas major losers were Drready, Bajfinance, Tcs, Heromotoco and Shreecem.

Market breadth remained neutral. For every ten gainers, there were nine losers. India Vix corrected by 2.45% closed below 21.

Going forward, major support will be seen around 11000 and Resistance will be 11450.

Source : Equity Bulls

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