Daily Market Commentary - Sep 22, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian market started the day with small gains but won't able to hold the opening it. The worldwide concerns over the COVID-19 and growth worries kept the domestic market under pressure. At the same time, too much paper supply in form of IPO kept liquidity outflow higher. Banking stocks are still finding more and more supply. Thanks to IT stocks which help the market to reduced the losses and show small recovery in the last hours of trade.

In Nifty 50, the first five gainers are TCS, Techm, HCLtech, Sunpharma and Grasim. Whereas major losers were Zeel, Adaniport, Infratel, Gail and Maruti.

Market breadth remained in favor of Bears. For every three gainers, there were seven losers. India Vix corrected by 4.87% closed below 21.50.

Going forward, major support will be seen around 11000 and Resistance will be 11450.

Source : Equity Bulls

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