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Daily Market Commentary - May 19, 2020 - Bonanza Portfolio

Posted On: 2020-05-19 17:33:13


Mr. Vishal Wagh, Research Head

- Today, Nifty started the day with a stronger note on the back of good news on Corona front, Drugmaker Moderna Inc announced that its experimental COVID-19 vaccine showed promising results in a small early-stage trial. All global markets were positive but as news started discounting the Asian market started giving up the gains. European market opened with small cuts. Nifty lost gained ground significantly and just managed to hold in green.

- Telecom sector enjoyed Blessing in Disguise as a pandemic is consistently forcing the organizations to go for virtual meetings and the WFH environment. Due to a sharp increase in ARPU stocks like Bharti become top gainer for the day despite mix bag numbers. Even stock like IDEA showing buying interest and levels of 8-9 can be achieved in the short term.

- Banking stock continued to see selling pressure on higher levels as worries over worsening assets qualities enhance skepticism on the higher side.

- Power companies managed to extend the gains post reforms announced on the weekend. The entertainment stocks like PVR and Inoxleisur managed to cover from the oversold zone. Though shorter-term they may see selling pressure on every pullback on back of Extension in lockdowns.

- Market Breadth remained neutral. Except Banking, other sectors managed to close in green. India VIX contracted by 4.5%, remained just below 40. USDINR is trading at 75.59.

- Going forward, Nifty will find support around 8800, and resistance will be at 9000 levels."


Source: Equity Bulls

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