Daily Market Commentary - Nov 20, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

On Friday, Indian equity benchmarks made a positive start tracking overnight gains on Wall Street. Markets are trading firm in early deals on the back of buying in all the sector indices except Energy. In the afternoon session, local equity benchmarks erased all the losses to turn positive, both Sensex and Nifty trading above 43,900 and 12,800 levels.

Most of the Asian equity benchmarks are trading higher on Friday, whetted with the rebound in Wall Street overnight amid optimism about the potential resumption of negotiations over a new US fiscal stimulus bill.

The Reserve Bank of India (RBI) has said that it will conduct simultaneous purchase and sale of government securities under open market operations (OMOs) for Rs 10,000 crore each on November 26.

In Nifty 50 top gainers are Bajaj Finserv Ltd, Titan Company Ltd, Bajaj Finance Ltd, Kotak Mahindra Bank Ltd and GAIL (India) Ltd. The loser was Reliance Industries Ltd, Adani Ports and Special Economic Zone Ltd, Sun Pharmaceutical Industries Ltd, Hindustan Unilever Ltd and Oil & Natural Gas Corporation Ltd.

Moving forward, Next week is an expiry week. Nifty may face resistance around the 13050 marks and support at 12650.

Source : Equity Bulls

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