Daily market commentary - March 4, 2020 - BONANZA PORTFOLIO LTD

Mr. Vishal Wagh, Research Head

"The market opened with small gap-up on back of overnight emergency rate cut by FED. But it won't able to sustain at higher level. Huge selloff triggered post health minister comment on a total of 28 infected cases due to coronavirus. As a result, Nifty touched 11085 levels on an intraday basis before receiving buying support in the second half. Nifty managed to cut losses more than 70% of the day and finally settle above 11251 levels. IT and Pharma lead the recovery where private banking and media were the draggers. As news flows are on a higher side we are expecting volatility to continue. It is advisable to do only very short term or intraday trading with lower exposure and strict stop losses."

Source : Equity Bulls

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