Daily Market Commentary - Oct 26, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

Indian indices continued to trade lower in morning deals, traders and investors remained cautious with the RBI Governor's statement that the risk of a second wave of COVID-19 could put sand in the wheels of the nascent recovery. On the global front, Asian markets were trading mostly in the red as surging coronavirus cases in Europe and the United States weaken the global outlook. The BSE Sensex ended at 40,145.50, down by 540 points or 1.22%. Nifty ended at 11,767.75, down by 162.60 points or 1.36%.

In Nifty 50, the first five gainers are Kotak Mahindra Bank, Nestle, HDFC Life, IndusindBank and Powergrid. Whereas major losers were Heromoto, Bajaj-Auto, M&M, Hindalco and RIL. Market breadth remained in favor of Bears. For every three gainers, there were five losers.

Going forward, major support will be seen around 11700-11650 and Resistance will be 12025.

Source : Equity Bulls

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