Daily Market Commentary - June 18, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Market opened flattish, though global markets were negative in the morning. In the second half, a massive short recovery led the market to touch 10106 levels for the day on the back of a recovery in foreign markets, especially Dow Jones and expectations from the Finance Ministry, have led to a recovery in the domestic market.

Supreme court order - Hearing deferred to third weekend July for telecom. There is a Finance Minister conference post-market which may have some positive surprises for the market.

Market breadth remained strongly in favor of bulls. For every loser, there were more than four gainers. An exception of Pharma all sectoral indices closed in the green. India VIX contracted by more than 5% closed above 31, USDINR trading at 76.15.

Going forward, major support will be seen around 9800 and Resistance will be 10177.

Source : Equity Bulls

Keywords