Daily market commentary - March 6, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

"Last day of the week, Nifty opened with gap-down on the back of weak global cues and Yesbank-saga. Throughout the day Bear hold control on the index but there was stock specific recovery from day's low. In the last hour of trade, there was intraday pullback due to which Nifty reached psychological level of 11000. Talk of the town remained Yesbank Withdrawal Curbs. Due to this news, Yesbank crashed to all-time low of Rs. 5.65, more than 82% intraday fall, before recovery till Rs. 20. Coronavirus impact added more fear into the market as the European markets are down by average 2.5%. Even US futures are trading dip into the red. On Currency front also INR continued its southward journey. Gold continues its northward journey and added half percent in yesterday's close. Volatility is at pick globally as well as domestically. The trader should follow sell on rally strategy whereas, long term investors should wait for an opportunity to invest."

Source : Equity Bulls

Keywords