Daily Market Commentary - July 31, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Nifty started a new series with small gains as the global market was a mixed bag. The US reported a very bad set of GDP numbers and unemployment claims are increased. In the day, Nifty has given up all the gains and tested low of 11026.65 before bouncing till 11000 levels but closed just below 11100.

Market breadth remained neutral. For every ten gainers, there were nine losers. India VIX contracted by more than 2%, remained above 24, USDINR trading at 74.83.

Going forward, major support will be seen around 11000 and Resistance will be 11350.

Source : Equity Bulls

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