Daily Market Commentary - Oct 6, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian market started the day with a sharp gap-up thanks to strong global cues. Asian markets continued it's bullish trend and Dow closed above 28000. US futures is flattish at time of domestic market closing bell. Nifty face stiff resistance at 11620 levels and in the hour of trade strong breakout above same seen once Banking stocks shown the strength. Addition of new member to MPC committee has created small hope of interest cut in the market.

In Nifty 50, the top five gainers were Tatamotors, HDFC, Adaniports, M&M and Indusindbank. Whereas, major losses were seen from Britannia, Coalindia, Wipro, Hindalco and Tatasteel.

Market breadth remained in favor of bulls. For every loser, there were a couple of gainers. India Vix contracted by 0.35% closed at 19.64.

Going forward, major support will be seen around 11450 and Resistance will be 11780.

Source : Equity Bulls

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