Daily Market Commentary - October 5, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian market started the day with a sharp gap-up. The news on Monotoriam period interest on interest wave off was making rounds of the market. In fact, Banking stocks have given-up the gains from higher levels. On the other hand, TCS buyback news made the day for IT stocks, IT index gained 3.61%.

The Midcap index closed in red and vastly underperforming major indices as major hands started shifting from midcap to large-cap. Auto-index failed to perform despite good Auto sales numbers.

In Nifty 50, the top five gainers were TCS, Wipro, Tatasteel, Sunpharma and Jswsteel. Whereas, major losses were seen from Bajajfinserv, Shreecem, Bhartiairtel, Bajfinance, and Gail.

Market breadth remained in favor of bulls. For three losers, there were five gainers. India Vix gained by 7.76% closed above 19.76.

Going forward, major support will be seen around 11350 and Resistance will be 11620.

Source : Equity Bulls

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