Daily market commentary - March 18, 2020 - Bonanza Portfolio Ltd

Mr. Vishal Wagh, Research Head

"Nifty opened with small gains but wasn't able to sustain and given up just in the first ten minutes of trade. Throughout the day consistent supply in stock is visible. Last week lows of 8555 have been broken and Nifty closed below that. Panic supply into the market may trigger margin calls in a day or two at the same time many stocks and major indices are in the oversold zone. Bears have consistently penetrated deeper into the Bulls territory. Fear is climbing a new high. Stocks like IndusInd Bank corrected more than 35% on an intraday basis. Going forward volatility may increase further. It is advisable to trade only with hedge positions."

Source : Equity Bulls

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