Daily market commentary - 28th February 2020 - BONANZA PORTFOLIO LTD

Mr Vishal Wagh, Research Head

"Nifty opened gap down due to yesterday's sell-off in the US market and carry forward its correction. In the process, it has corrected more than seven percentages, sector indices like Nifty media and Nifty Metal have corrected more than 10% whereas lowest correction has seen in Nifty FMCG which is close to 4% in this week. MCX Gold managed to hold above 42000 and it is expected to extend the gains if it is holding above it for next week. USDINR is trading just trading above the resistance zone of 72.00. In case it managed to hold above it on a closing basis then, one can see a further move till 72.80 and 73.40. It is advisable for a trader to trade with effective stop losses and the strategy should be to sell on the rally. The investor can take the opportunity by investing in a staggered manner."

Source : Equity Bulls

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