Daily Market Commentary - May 11, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

- Today is another day where Nifty opened with a bullish gap of more than one percent due to bullish global cues and finally closed by sacrificing all the gains.

- Market Breadth remained in favor of bulls for every five gainers there were four losers. Sectors like Auto, Energy, Media and IT closed in green. Whereas, Banking and Pharma witnessed selling pressure. India VIX corrected by 1.5%, remained below 38. USDINR is trading at 75.70.

- Market is trading in a narrow range of 9100-9440. Consolidation may continue unless any big news hits the market. Going forward, any big move is only possible on a break of either side of the range."

Source : Equity Bulls

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