Daily Market Commentary - Aug 24, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

Market started the expiry week on a stronger note. Thanks to stable global cues. Nifty showing the indications of shorts are getting traped and forced to roll over or cover the position before expiry. Today, monthly underperforming Banknifty was on roll and strength was built up in private banking stocks specifically Kotak Bank and HDFC bank. Even NBFC was doing well.

Reliance & Infy two major stocks also have seen recovery from day's low and closed with Doji formation.

Today's major contribution is seen from companies like Zeel, Hdfcbank, ICICIBANK, Kotakbank, Indusind Bank and Bajfinance. Whereas, Shreecem, Dr Reddy, Nestle, Techm and Heromoto were major draggers.

Market breadth remained in favor of Bulls for three losers there were five gainers. India VIX contracted by 3.62%, closed below 20.

Going forward, major support will be seen around 11350 and Resistance will be 11540-11614.

Source : Equity Bulls

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