Daily Market Commentary - Sep 10, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian market started the day in green on the back of bullish global cues. Nifty continued recovery thanks to heavyweight Reliance which has gained more than 7.20% on news of selling 40% of the retail division to Amazon. Banknifty also gained the momentum and close above 22450.

In Nifty 50, the first five gainers are Reliance, BPCL, Asianpaints, IOC and Axisbank. Whereas major losers were Infratel, Drready, Hindalco, Tatasteel and Bhartiairtel.

Market breadth remained in favor of Bulls. For every three gainers, there was a loser. India Vix contracted by 4.31% closed below 22.

Going forward, major support will be seen around 11185 and Resistance will be 11610.

Source : Equity Bulls

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