Daily Market Commentary - Nov 9, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

For the week, Indian equity benchmarks made gap-up opening tracking Asian peers. Markets are trading in fine-fettle with gains of around one and half a percent each in early deals, supported by buying in all the sector indices led by Bankex, Telecom, Oil and Gas counters. In the afternoon session, Indian equity benchmarks continued to trade in high spirits on the back of strong global cues after the US presidential election outcome and sustained foreign capital inflow into the domestic market. In the process, Nifty has managed to conquer all-time high and managed to close at 12461.05.

Most of the Asian equity benchmarks were trading higher on Monday, as the investments gained momentum with the relief that the US presidential election results were finally decided, Joe Biden the president-elect.

There will be some buzz in aviation stocks with the Union Ministry of Civil Aviation (MOCA) has said India's domestic passenger traffic has reached more than half of pre-coronavirus pandemic level operations with the number of daily air travelers crossing over two lakh in November.

In Nifty 50 top gainers are Divi's Laboratories Ltd, IndusInd Bank Ltd, ICICI Bank Ltd, Bharti Airtel Ltd and Bharat Petroleum Corporation Ltd. The loser were Cipla Ltd, Adani Ports and Special Economic Zone Ltd, ITC Ltd, Grasim Industries Ltd and Maruti Suzuki India Ltd.

Moving forward, Nifty is in uncharted territory so every dip should be bought into. On the lower side, 12320 is support whereas 12544-12700 may work as a small hurdle.

Source : Equity Bulls

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