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Daily Market Commentary - May 22, 2020 - Bonanza Portfolio

Posted On: 2020-05-22 22:08:54


Mr Vishal Wagh, Research Head

Today Nifty opened gap down due to pressure from HongKong market, it tumbled more than 5% after Beijing said it plans to pass a security law that will curb secession and sedition in the city. Nifty recovered till 10 am because of short covering in banknifty. But soon after RBI's rate cut and report card on economy, it started going down with bank nifty.

Stocks like Zeel, M&M, Cipla, Infy helped nifty to reduce losses. Selling seen in banking and NBFC stocks. Axis Bank, HDFC, Bajaj Finserv, Bajaj Finance were major laggards in Nifty. India VIX went down by 1.68%, closed at 32.38. USDINR is trading at 75.9675.

Before the extended weekend, Nifty successfully held 9000 levels. On a weekly basis, it formed a bearish candle. Rising tensions between the US and China will determine the trend for next week. There is clear divergence between Nifty and Bank Nifty, it will be interesting to see how long remaining stocks in Nifty will continue to hold it above 9000. Break below 9000 will open gates for 8700-8800 and if Nifty crosses 9150, then it can have targets of 9300-9400 by monthly expiry.


Source: Equity Bulls

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