Daily Market Commentary - July 6, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Nifty opened with a gap up inlined with the global market and maintained a Bullish trend for the day. In the process, it has created a high of 10810. Finally, it closed above 10750 post gap of 76 sessions or after 8th March 2019. Big boy Reliance with the help of Bajaj Twince and banking majors helped the market to hold strongly.

Market breadth remained in favor of bulls. For every couple of gainers, there was one loser. Except for Pharma all the rest of the sectoral indices closed in the green. India VIX contracted by more than 2% closed above 25, USDINR trading at 74.60.

Going forward, major support will be seen around 10550 and Resistance will be 10830.

Source : Equity Bulls

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