Market Wrap - Sep 24, 2020 - Mr. Aamar Deo Singh, Head Advisory, Angel Broking Ltd

Markets witnessed a steep fall with the benchmark indices down by almost 3%, with sell-off across global markets as the US Federal Reserve statements on pace of economic recovery, appears to have impacted investor sentiment. So, after the spectacular rally since March, we are witnessing profit-booking. Nifty ended the day @ 10805, down 326 points with declines outnumbering advances by almost 3:1 indicating a broad-based selling. Further it was the monthly F&O Expiry, which also added to the enhanced volatility. Amongst the Nifty gainers were Bharti Infratel & HUL, else all the rest 48 Nifty stocks ended in the red, while the Top 3 Nifty Losers were Indusind, Bajaj Finance and Tata Motors. Nifty has breached its crucial support zone of 11,000-11,100 which shall act as immediate resistance whereas support is seen around the 10500-10600 mark.

Source : Equity Bulls

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