Daily market commentary - March 24, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

"Today, Nifty remained volatile throughout the day as India VIX traded consistently above 80. Market bounced on account of short covering and bottom fishing in the frontline stocks. Before that Nifty made a new low of 7511.10. Technically speaking Nifty has created 'Bullish Harami' candlestick formation with a diversion on RSI. So, Indian markets are due for a bounce back. Finance Minister's press conference triggered some supply in the market. FM has announced some regulatory reforms and committed that the Economic Task Force will soon announce an economic relief package. It is advisable to start investing in a staggered manner as the Govt. has begun working on different monetary and fiscal measures. A trader should keep positions for intraday only."

Source : Equity Bulls

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