Daily Market Commentary - Aug 14, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

The Nifty started the day with a green and extended the gains till 11366 but wasn't able to hold it once the news of standoff between Turkey and Greece came into the media. All the world indices tanked in just half an hour. In the last hour of trade, Nifty managed to bounce back but fail to cross 11200 levels.

Major cuts have been seen in Banking, Financials and Auto. Whereas, Pharma and Metal hold in green.

On eve of Independence day, there are hopes for good announcements on taxation, Health Card, New FDI announcement, and dedicated financial institution for infrastructure funding by PMO.

New global economic worries and geopolitical tensions are widening post standoff between Turkey and Greece.

Market breadth deteriorated from two gainers for one loser in the morning to four gainers to five losers by end of the day. India VIX increased by 5.80%, closed above 21.50.

Going forward, major support will be seen around 11110 and Resistance will be 11380 below 11110 next level will be 10880.

Source : Equity Bulls

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