Daily Market Commentary - July 9, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Nifty opened with a gap up on the back of strong global cues and it has held above yesterday's low throughout the day. Weekly expiry closed at 10813. Nifty has also covered its discount and finally settled the day in premium.

Nifty has conquered the level of 10750 but it is facing stiff resistance at levels 10810-10830. The gap of 10750-10823 has filled and now the market open for the next gap at 11035-11244.

Market breadth remained in favor of bulls. For every five gainers, there were three losers. Except for FMCG all the rest of the sectoral indices closed in the green. India VIX contracted by more than 5% closed above 25.50, USDINR trading at 75.03.

Going forward, major support will be seen around 10710 and Resistance will be 11035.

Source : Equity Bulls

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