Daily Market Commentary - Aug 31, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

Market started the week with a strong note on the back of bullish global cues. But fail to sustain once the news of China-India border actions comes into the news. The brokers were also facing problems to adopt the new pledge system as per SEBI guidelines. It has added selling pressure on the market. The Nifty hit a high of 11794 and a low of 11325 and finally settled below 11400.

Only two stocks hold in green from Nifty 50 i.e. ONGC and TCS. Whereas major losers were Sunpharma, Cipla, Bajaj Finserv, Zeel & SBIN.

Market breadth remained weak. For three losers there was a gainer. India VIX gained by 27.4%, closed above 22.50.

Going forward, major support will be seen around 11200 and Resistance will be 11880.

Source : Equity Bulls

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