Daily Market Commentary - June 15, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

Market opened with a gap down due to the negative sentiments globally. Nifty continued to remain under pressure until the Europian markets were not opened. The Europian market opened with a cut of 1.5 to 2% but it recovered partially from there. Some recovery in Dow Future has also helped the domestic market to recover partially from the low of 9726 till 9860 but on higher levels supply continued. In closing the hour Nifty just managed to hold above 9800 levels.

Stocks like Reliance, HCLTECH, Wipro, Sunpharma, etc. help Nifty to curtail the losses. Whereas major draggers for the day remained private banks like Indusindbk and Axisbank. Bajfinance too remained under pressure.

Market breadth remained in favor of bulls. For every five gainers, there were four losers. Nifty IT, Media, Psubank and Pharma closed in green. All other sectoral indices closed in the red. India VIX gained by more than 4% closed above 32. USDINR trading at 76.04.

Going forward, major resistance for Nifty is 10040 and support is at 9550. Whereas, Banknifty will face resistance around 20500 and support will be seen at 19400 levels.

Source : Equity Bulls

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