Daily Market Commentary - Sep 30, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian market started the day with small gains. The world is talking about the debate between two presidential candidates for the world's largest economy. This is one of the major political events which is going to have sentimental impacts on investment strategies until the new president gets elected. The Nifty remained volatile throughout the day but closed where it has started the day. Even Banknifty too closed with a hanging man candlestick pattern. Which shows that incoming day's markets may remain sideways.

In Nifty 50, the top five gainers were Grasim, Techm, Titan, Nestle and Drready. Whereas there were only four losers BPCL, Bhartiairtel, Tatasteel, Jswsteel and Indusind.

Market breadth remained in favor of bulls. For nine losers, there were ten gainers. India Vix contracted by 0.46% closed below 19.60.

Going forward, major support will be seen around 11000 and Resistance will be 11290-11310.

Source : Equity Bulls

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