Daily Market Commentary - July 28, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Nifty started the day on the stronger note on the back of stronger global cues. The Nifty has broken the range of the last four days on the positive side. In the first half Banknifty showed sharp fall but it has shown reversal once the announcement of the Prime Minister meeting with all banking majors comes into the media. The overall market showed strength. Finally Nifty managed to gain and close just at 10300.

Market breadth remained in favor of Bulls. For every four gainers, there were three losers. India VIX contracted by more than 4%, remained above 24, USDINR trading at 74.87.

Going forward, major support will be seen around 11150 and Resistance will be 11480.