Daily Market Commentary - Sep 28, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian market started the day where it has left on Friday thanks to bullish global peers. Since the opening market remained in the bull's grip. In the process, Nifty managed to close above 11200 levels on a closing basis. Banknifty too continued momentum and closed above 21650. Follow up buying suggesting that the October series started with bulls in charge. All eyes on the government for some stimulus which practically seems a rare possibility. BPCL remained in focus as the government planing to complete the disinvestment process in the current fiscal.

In Nifty 50, the top five gainers were Indusindbank, Bajfinance, Axisbank, Ongc and Tatamotors. Whereas there were only four losers Wipro, Infy, Hindunilver and Nestle.

Market breadth remained in favor of bulls. For every loser, there were five gainers. India Vix contracted by 5.33% closed below 19.57.

Going forward, major support will be seen around 11000 and Resistance will be 11290-11310.

Source : Equity Bulls

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