Daily Market Commentary - June 3, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

Nifty opened with a gap up and showed strength throughout the day, except for the last one hour where it has given up partial gains. Nifty has created the 'Doji Star' formation on the daily chart which is bearish in nature.

Market breadth remained in favor of bulls for every three gainers there was one loser. Except for IT and Media, other sectors participated in the rally. Midcap largely underperformed. India VIX holds above 30. USDINR trading at 75.43.

Going forward, 10036 will work as support, below which we are expecting Nifty to resume its longer-term bearish trend and on the higher side 10200 will work as resistance. For Banknifty major support will be 20800 and resistance will be seen at 21900. Above 21900 it may test 22450 on the lower side below 20800 will be 19400.

Source : Equity Bulls

Keywords