Daily Market Commentary - April 16, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

"Today, Nifty opened on a weaker note on the back of bearish cues from the global market. But in the first half, Bulls took the charge and brought the market back into the green and managed to hold gains throughout the day. But on closing basis Nifty failed to close above 9000. Market Breadth was in favor of bulls. For every loser, there were more than two gainers. Midcap and small-cap outperformed Nifty on 2nd consecutive day. Except IT and FMCG other major sectors managed to close in green. Media was the best performing sector of the day. USDINR continued its upward rally and sustain above the resistance level of 76.50. Volatility continued to contract day by day. India VIX closed below 46, corrected more than 7%. Going forward, Nifty will find support around 8800 levels whereas resistance will be around 9131-9260."

Source : Equity Bulls

Keywords