Daily market commentary - 3rd March 2020 - BONANZA PORTFOLIO LTD

Mr. Vishal Wagh, Research Head

"Bulls started the day with fight back on the back of positive global cues and manage to hold gain more than 1.25% in the first 15 minutes itself. Then the tug of war between Bulls and Bears has seen throughout the day. In the process, Nifty lost entire gains for the day but Bulls managed to overpower Bear and pulled Nifty back towards hurdle of 11300 and crossed it on a closing basis. Market breadth improved compared to the last six trading sessions due to broad base participation and it is clearly in favor of Bulls since the opening bell. Intraday charts are showing there is a small start for recovery and retracement will take place in a coming couple of trading sessions. Midcap and small-cap stocks managed to outperform broader indices for the day. All sectoral indices closed in green today. A major contribution for the day received from the metal and pharma sector followed by Media. Going forward the level of 11150 will play as major support and level of 11450 will be major resistance. A trader should trade with strict stop loss as volatility is consistently on a higher side."

Source : Equity Bulls

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