Daily Market Commentary - Oct 29, 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

The Indian indices closed lower with Nifty below 11,680 on weak global markets amid rising cases of coronavirus worldwide and uncertainty about US stimulus. The October series closed with gains of 8.01%. At the same time, NiftyIT and Niftybank gained 10.17% and 17.77% respectively.

The S&P BSE Sensex slips 173 points or 0.43% at 39,750 and the Nifty50 benchmark down 59 points at 11670. Cement, paint and IT shares supported the markets. However, losses in auto, media, FMCG, financial services and realty stocks limited the upside.

In Nifty 50, the first five gainers are Asian paint, Ultratech, Kotak Mahindra, Shree cement and HCL Tech Whereas major losers were Larsen, ONGC, Adani ports, Titan company and Tata motors.

Going forward, if Nifty close below 11650 in the coming to few trading sessions it will in the bear grip. The next level of support is seen at 11200 levels.

Source : Equity Bulls

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