Daily Market Commentary - Sep 11, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian indices were trading flat in the morning on back of weak global cues amid ongoing corona virus spread. In the afternoon as gains in IT and auto stocks were countered by selling in the banking and financial sector. The S&P BSE Sensex ended with a negative bias at 38,854 up by 0.04% after trading in a range 38,840 and 38,978 while the Nifty50 index was hovering around at 11,450.

Textile and apparel industry is going to roar. Great opportunity for Indian manufactures to capitalize now. China was an expensive manufacturing place pre-COVID.Large brands from Europe and USA are looking at India for manufacturing goods. India and Bangladesh are two countries with low manufacturing cost.

In Nifty 50, the first five gainers are Wipro, Techm, SBIN, UPL and TCS. Whereas major losers were ZEEL, Indusind Bank, Power Grid, Asian paints and Coal India.

Going forward, major support will be seen around 11185 and Resistance will be 11570.

Source : Equity Bulls

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