Daily Market Commentary - Sep 4, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Market started the day on a negative note on the back of bearish global cues from the US and the Asian markets were a mixed bag. In the first half of the day, stocks specific recovery has been seen by the market but Nifty and bank nifty won't able to show any meaningful recovery in the last hour of trade Nifty broken Monday's low and indicated short term high is in place. Finally, Nifty settle down just above Monday lows.

In Nifty, only Maruti has managed to close in green. Whereas major losers were Tatasteel, Axisbank, Adaniport, JSWSteel and NTPC major draggers.

Market breadth remained in favor of bear. For every five losers, there were more than three gainers. India Vix gained by more than 7% closed above 21.

Going forward, major support will be seen around 11200 and Resistance will be 11594.

Source : Equity Bulls

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