Daily Market Commentary - June 11, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

Market opened flattish as the global markets were a mixed bag. Throughout the day it has witnessed supply and finally, it had to settle down on the lower side. Technically speaking the lower range of 10050 has broken and the Nifty closed below it. These are a weak indication for the near future.

Stocks like Sbi, Sunpharma, Tatamotors, Maruti, Eicher Motors, and Bajfiance have pulled Nifty down for the day.

Market breadth remained in favor of bears. For every three gainers, there were five losers. All other sectoral indices closed in the red. India VIX gained by more than 1% closed above 29.50. USDINR trading at 75.74.

Going forward, major support of 10040 is broken same will work as resistance and on downside 9650 will be support 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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