Daily Market Commentary - Sep 24, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian market started the day with a Bear attack and continue to see supply throughout the day. The Bulls must have on holiday or shifted their stand in Bear camp. The worldwide concerns over the COVID-19, September expiry rollovers and growth worries kept the domestic market under pressure. Nifty has a broken psychological level of 11000 and rushed towards 200 EMA(10844). Finally, it has settled down just above 11800.

In Nifty 50, there were only three stocks who managed to close in green i.e. Zeel, Infratel and Hindunilever. Whereas major losers were Indusindbank, Tatamotors, Bajfinance, Grasim and Tcs.

Market breadth remained in favor of bear. For every gainer, there were three losers. India Vix gained by 12.32% closed below 23.58.

Going forward, major support will be seen around 10610 and Resistance will be 11200.

Source : Equity Bulls

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