Daily Market Commentary - April 30, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

"Market continued with yesterday's strong momentum. Nifty opened with a gap-up on stronger global cues. US market closed with more than 3% gain on the back of good numbers from Google, soaring oil prices, and encouraging news related to COVID-19 treatment. Nifty in the first half itself conquered the level of 9880 but failed to sustain over there. Rollover sell-off pushed it back to 9770 levels. In the middle hours of trade, it remained in the range of 9760-9840 and managed to revisit 9880 levels in the closing hours. Market Breadth was again in favor of Bulls. For every loser, there were a couple of gainers. Today, the market has witnessed participation from Metal, Auto, IT, Banks, Energy, Infrastructure, and NBFC. Whereas, FMCG, Media and Pharma close in red. India VIX remained flat at 34. USDINR is trading in the range of 75-75.20. Going forward, Nifty will find support around 9540 & 9480 levels, and resistance around 9920-9980.

Source : Equity Bulls

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