Daily Market Commentary - May 12, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Today, Nifty opened with a bearish gap and follow-up selling witnessed till mid-day. Stimulus hope and announcement of PM's address at 8 pm today, lifted Nifty up. In the last hour of trade, profit booking in Reliance pushed Nifty in red on a closing basis.

Market Breadth remained in favor of bears for every four gainers there were five losers. Sectors like Auto, Energy, Media and IT closed in green. Whereas, Banking, Pharma, Energy, and Infrastructure witnessed selling pressure. India VIX gained by 0.5%, remained below 38.50. USDINR is trading at 75.50.

Market is trading in a narrow range of 9100-9440. Today, it broke lower range but buying support pulled it back above 9100. Consolidation may continue unless any big news hits the market.

Source : Equity Bulls

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