Daily Market Commentary - August 4, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Nifty started the day in green on the back of positive global cues. Nifty is in pullback move and it has gained back lost ground yesterday thanks to Reliance and HDFC twins. Nifty managed to hold above 11050 and it has tried to touch and close near to 11100.

RBI has cleared the appointment of Shridharan Jagdishan as CEO and MD, a successor of Adithya Puri. The stocks moved by more than 3.90% it is also supported by HDFC Ltd.

Market breadth remained strongly in favor of Bulls. For every three gainers, there was a loser. India VIX contracted by more than 5%, remained below 24. Reliance, Zeel, HDFCBANK, Maruti and JSWsteel remained the first five gainers and Techm, HCLTECH, IndusInd bank, BPCL and Tatamotors remained the highest five losers for the day. An exception of Nifty IT all other sectors remained in the green zone. USDINR trading at 74.98.

Going forward, major support will be seen around 10880 and Resistance will be 11220.

Source : Equity Bulls

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