Daily Market Commentary - May 14, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

Today, Nifty opened with a bearish gap on the back of weakness in the global market. It failed to hold in green, post big economic stimulus package as many things are still not clear and fear of further lockdown may continue to weaken hopes of economic recovery. Market players seem to be on wait and watch mode before putting money on the table.

Market Breadth remained in favor of bears for every four gainers there were five losers. Except for Nifty Pharma and FMCG, all Sectors closed in the red. India VIX contracted by 1.5%, remained below 39. USDINR is trading at 75.42 with a gain of 0.09%.

Nifty has created a whipsaw yesterday by cutting the range (9100-9400) on the higher side but failed to sustain there. Now it is testing the lower zone of the range. Till the time it's in the range one needs to trade stock specific.

Source : Equity Bulls

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