Daily market commentary - March 11, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

"Today, the market has taken a breather post huge sell-off for the last six trading sessions. Though, it was a roller coaster ride for Nifty within the range, it has created panic in the trader's mind. Due to large moves in the last couple of weeks, risk-reward ratios are not favorable. Today, major support has received from FMCG, Financial Services and Private banks which held market up whereas, IT, Pharma and PSU banks have shown selling pressure. Only positional traders with deep pockets may take positional trade. The rest of the trader should play 'sell on rise' strategy till Nifty is not closing above 10500. On lower side 10290 is a major support below which Nifty may test 10080 levels."

Source : Equity Bulls

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