Daily Market Commentary - May 5, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Today, Nifty opened with a gap up of more than 1% but failed to sustain at that level. Consistent selling in the market made Nifty to drift below 9200 in closing hours. Finally, it settled above 9200. Yesterday, Nifty made Island reversal and today's follow up selling has confirmed reversal for the short term.

Market Breadth was in the favor of Bears. For every five losers, there were four gainers. Except for Energy, all sectors witnessed a follow-up selling in today's session. India VIX remained below 44. USDINR is trading with gains of 0.22%, at 75.79.

Going forward, Nifty will find support around 9150 levels, and resistance will be around 9410-9530-9750 levels. Below 9150, it will find support around 8900-8800."

Source : Equity Bulls

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