Daily Market Commentary - October 8, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian market started the day where it has left the day before thanks to bullish global cues. In the day's trade Nifty made a new high of 11905.70 in current pullback rally. Though, the last hour of profit booking pushed it back to 11834 levels on a closing basis. Nifty is well supported by Banknifty, Nifty IT, and Nifty Pharma.

In Nifty 50, the top five gainers were Wipro, Cipla, Tcs, Ultratech and Infy. Whereas, major losses were seen from Gail, Eichermotors, Ongc, ITC and LT.

Market breadth remained neutral. India Vix gained by 1.59% closed at 20.38.

Going forward, major support will be seen around 11450 and Resistance will be 11910-12000.

Source : Equity Bulls

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