Daily Market Commentary - 13th April 2020 - Bonanza Portfolio

Mr Vishal Wagh, Research Head

"Today, Nifty opened flat but failed to sustain above 9100 and sell-off pushed Nifty towards 8912. Throughout the day it was trading in the range of 8912 to 9100 and finally closed just below the psychological level of 9000. Nifty Pharma continued its northward journey but on the higher side witnessed profit booking. Nifty FMCG is showing profit booking for the last 2 trading sessions. Cement stocks went up on the news of approval from home ministry to run operations in three shifts, but in the end failed to hold gains. SBI cards seen sell off due to opening of anchor book lock-in. Market Breadth was in favor of bulls. For every eight losers, there were more than ten gainers. Going forward, Nifty will find support around 8700 levels whereas resistance will be around 9131-9250".

Source : Equity Bulls

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