Daily market commentary - 23rd January 2020 - BONANZA PORTFOLIO LTD

By Mr Vishal Wagh, Research Head

"The capital market managed to bounce back post three days of negative closing. Market breadth remained strong, for every looser there were two and a half gainers. Various rumours related to budget expectations are doing rounds. Today, Agri related stocks, fertilizers, chemicals, FMCG, Telecom, Foods, and Beverages stocks saw buying, whereas cigarette stocks got punished. Bharti Airtel and Nestle Industries made new 52 weeks high. Nifty Realty and Nifty IT made a new 52 weeks high today. Gold & silver are trading sideways. Whereas, crude opened with a gap down post API data. Today, Yes bank gained on the rumours related to takeover from a well-known banking player from the market. Banknifty managed to bounce back from the losses of the last few days. It is advisable for the trader to trade on the long side as a major trend is bullish. An investor should keep an eye on the good midcap stocks for the portfolio."

Source : Equity Bulls

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