Daily Market Commentary - May 21, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

Today, Nifty opened flattish and rallied till 9178 with strong support from heavyweights like Reliance & ITC. Banking supported during initial hours before selling pressure especially in baking hit the floor and all gains wiped out at one stage. In the last hour, buying support helped Nifty to hold above 9100. Stocks like Eicher Motors and Asian Paints have also provided strong support to major indices.

Market Breadth remained in favor of the Bulls. For every couple of gainers, there was one loser. Except Banking and financial, all sectors participated in the rally. India VIX contracted by 7.8%, remained just below 33. USDINR is trading at 75.50.

Going forward, the market may see volatility due to expiry week ahead and due to one holiday next week. The rollover will start from tomorrow. Nifty will find support around 9000, and resistance will be at 9400 levels.

Source : Equity Bulls

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