Daily Market Commentary - May 13, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

- Today, Nifty opened with a bullish gap after announcement of Rs.20 lakhs crore economic stimulus package. But market players seem much more interested in details of the package so there was no big move post-gap up opening. Nifty managed to close just below 9400. But there were stock-specific actions in the market.

- Market Breadth remained in favor of bulls for every four gainers there were only one loser. Except Nifty Pharma and FMCG, all Sectors closed in green. India VIX gained by 1.5%, remained below 39. USDINR is trading at 75.36.

- Nifty managed to break the trading range of 9100-9400 on the upper side but was not able to hold there and came back within the range. Going forward, 9550 will be resistance zone and 9100 will be the support zone.

Source : Equity Bulls

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