Daily Market Commentary - April 8, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

"Today, Nifty witnessed a roller coaster ride. It opened a gap down due to negative clues from the US Market. Post that market rallied and touched a high of 9131 on the hopes of stimulus measures by Indian Govt. But soon profit booking wiped out all the gains of the day after news of "Eurozone failed to reach a deal on stimulus" reached the market. In the end, Nifty managed to hold above 8700. Market Breadth was in favour of bulls. For every loser, there were more than three gainers. Pharma, Auto and media led the market but profit booking seen from Banking, NBFC and IT sectors. Going forward, Nifty will find support around 8360 level whereas resistance will be around 9140-9210".

Source : Equity Bulls

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