Daily Market Commentary - May 15, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

Today, Nifty opened flattish and sold-off in the first half of trade. But in the second half, it managed to cover lost ground and closed flat. It breached the lower side of the range (9100-9400) but buying support in heavyweights like Reliance, HUL, Bharti & Asian paints helped Nifty to recover from the bottom and pushed it back in the range.

Market Breadth remained neutral. Nifty energy, Nifty commodity, Nifty Infra, and Nifty metals closed in green. India VIX contracted by 0.25%, remained below 39. USDINR is trading at 75.60 with a gain of 0.22%.

Nifty is creating multiple whipsaws on both sides of the range (9100-9400). So, till the time it does not give close outside the range it will compress within it. This might lead to a very sharp moment in the direction of the breakout. On lower side support below 9100 is 8880 and above 9400 resistance is 9650.

Source : Equity Bulls

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