Daily market commentary - 2nd March 2020 - BONANZA PORTFOLIO LTD

Mr. Vishal Wagh, Research Head

"Last hour sell-off dashed the fight back of bulls posts the news of two cases of Corona Virus reported in India. It has also shown the existence of extreme fear in the market. The Nifty has corrected nearly 400 points from day's high of 11,433. The bull trap has tightened post penetration of 11,090. Now the low of August'19 of 10,637 will be the next probable target. Bears are penetrating deeper into the bull's territory resulted in poor market breadth and spike up in the volatility index by 6.5% post it above 25 after 2019 elections. A trader should keep position intraday only as volatility is getting higher and higher day by day. For investors, every deep below 10,800 may prove an opportunity to invest in a staggered manner."

Source : Equity Bulls

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