Daily market commentary - March 5, 2020 - BONANZA PORTFOLIO LTD

Mr. Vishal Wagh, Research Head

"On a weekly expiry day, Nifty opened with gap-up on the back of strong global cues and rallied towards 11380. Then bears have managed to eat out all the gains for the day before expiry around 11269. Nifty outperform Midcap and Smallcap. Major contributions received from FMCG, Pharma, and Banking whereas Metal, Media and Realty witnessed sell-off. Nifty VIX has corrected by more than 3.5% is indicating the reduction in volatility which is positive for the broader market. From the heavyweight major draggers were Maruti, Reliance, HDFC, Infosys and ICICI Bank. Yes Bank gained more than 7% on the news of SBI to take stakes in the bank. For a very short term, a recent low of 11036 will work as a major support and resistance is at 11400. Above 11400 Nifty is open for 11615 levels. Going forward strategy for trade should be to buy the dips with stop loss below recent lows."

Source : Equity Bulls

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