Daily Market Commentary - 20th February 2020 - BONANZA PORTFOLIO LTD

Mr Vishal Wagh, Research Head

"Nifty opened in marginal red, it managed to cross yesterday's high in course of trade but was not able to sustain there and finally settle down just below 12,000 on weekly expiry day. Major draggers have come from IT and FMCG sectors whereas, Banking and Metals managed to shine. Midcap and smallcap managed to outperform Nifty. India VIX corrected by another 3% this is an indication of curtailing volatility. Going forward 12,042 will be a major support zone whereas, 12,152 will be the resistance level. Due to the holiday, the weekend is longer than normal and next week Mr. Donald Trump, President of the USA is visiting India. The agenda for the meeting with PM will be to lay down a forthcoming trade deal between India and the US. So we are expecting news flows to continue in coming days. Traders should hedge the position as per their risk appetite."

Source : Equity Bulls

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