Daily market commentary - March 13, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

"Today's market can be explained in three words i.e. Panic, Fear, and relief. Nifty extended overnight fear from the global market and in panic hit the lower circuit of 10% in the morning and trade halted for 45 minutes. Then after making low of the day at 8555.15, Nifty recovered very sharply by 1700 points and finally closed at 9955. Market got support from Banking, NBFC, Pharma whereas media failed to perform. The India VIX went above 50. Going forwards, today's low of 8555.15 will work as major support whereas; on higher side resistance will be seen at 10550-10780 zone. Now every selloff should be bought with stop loss below 8555.15."

Source : Equity Bulls

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