Daily Market Commentary - June 9, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

Market opened with a gap-up on the back of strong global cues. It has rallied till 10291 but failed to cross yesterday's high and Bears came back in business. The Nifty has tested 10020 levels for the day.

Stocks like IDEA, IDFCFIRSTB, Hindalco, Tata steel, Jindal steel, Tatamotors, etc, have seen pressure in day's trade. Even many midcap counters have seen selling pressure at a higher level.

Market breadth deteriorated from three gainers to one looser in the morning to one gainer to one looser by end of the day. The exception of pharma and other sectoral indices sold off. India VIX gained by 2.09% closed above 30. USDINR trading at 75.67.

Going forward, 9940 will work as the last hope for bulls, and 10325 will work as resistance for Nifty. Whereas, Banknifty will find support around 20300 below which a stiff fall can be seen and resistance near to 21680.

Source : Equity Bulls

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