Daily market commentary - 24th January 2020 - BONANZA PORTFOLIO LTD

By Mr Vishal Wagh, Research Head

"China's Corona Virus has spread fear in the market due to which kneejerk reaction seen in the global market for the last couple of days. Our markets are no exception to the same. Nifty opened flattish and lost almost 40 points before sharp recovery. For shorter-term Corona Virus may have an impact on the Global Travel & Tourism sector. Production in China may be halted for a few days which may impact directly or indirectly to Metals and other Commodities too. Today is another day of strong breadth, for every loser, there were a couple of gainers. Post 'Harami candlestick pattern' of yesterday today Nifty has confirmed reversal through follow-up buying. Midcap, Smallcap stocks continued their journey northward. Bharti Airtel and Nestle Industry managed to hit new all-time high again. Nifty Next50, Nifty Realty, and Nifty Midcap100 made new 52 weeks high. Power Grid, Cipla, IndusInd Bank, and Tata Motors are major draggers for the day. Whereas, Yes Bank, UltraTech, Britannia, TechM, Axis Bank are major gainers in Nifty50. Next weekend there is a Union Budget due to which sectors like Realty, Agriculture, Pharmaceuticals, PSU Banking, and NBFCs may remain in the focus. A trader should take money out of the table before the actual event."

Source : Equity Bulls

Keywords