Daily market commentary - 09th March 2020 - Bonanza Portfolio Ltd

Mr. Vishal Wagh, Research Head

"Warren Buffet has rightly said, "Be fearful when others are greedy and greedy when others are fearful". The scenario is very fearful in the light of crude price war, Coronavirus, and global market selloff.

Intraday Nifty went down more than 6% and finally settled down at -4.90%. Going forward, volatility is expected to rule the market in near term. On lower side support is near 9950 and on higher side resistance is near 10850. A higher volatility is making trading very difficult as risk and reward ratio is not favorable after such a big fall in the last few days. Long term investors can definitely buy 30% of their total investible surplus. Current market scenario is providing the best opportunity for them."

Source : Equity Bulls

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