Daily Market COmmentary - June 1, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

Today, Nifty opened with a sharp gap up as sentiment got boosted on the back of announcement of lifting lockdown in phase manner. Nifty rushed to climb 9900 but failed to hold there once the news of China halting US Soya imports and finally settled down just above 9820 levels.

The start of June series remained strong as it has already gained 340 points from expiry. Though, the discounts are on the higher side in Nifty as well as Banknifty. In the May rollover cost of carry also remained lower compared to the last 6 months average. So, on the higher side, the supply may come in the market.

Market breadth remained in favor of bulls for every six gainers there was one loser. India VIX gained more than 1.5% remained above 30.50. USDINR trading with a loss of 0.07% at 75.54.

Going forward, 9650 will work as support, and on the higher side 9930-9960 will work as resistance.

Source : Equity Bulls

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