Daily Market Commentary - June 10, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Market opened with small gains as the global markets were a mixed bag. Throughout the day it remained in the range of 10050 to 10150 and finally closed just near to the higher part of the range.

Stocks like Reliance, HDFCBank, Axisbank and SBI helped the market to cover nearly 1% in the closing hour.

Market breadth remained in favor of bulls. There are a couple of gainers to one loser by the end of the day. The exception of Auto, Media, and Metal all other sectoral indices closed in green. India VIX contracted by more than 2% closed below 30. USDINR trading at 75.54.

Going forward, 10000 will work as support and 10325 will work as resistance for Nifty. Whereas, Banknifty will find support around 20500 below which a stiff fall can be seen and resistance near to 21680."

Source : Equity Bulls

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