Daily market commentary - March 23, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

"Today market opened gap down on account of sharp decline in the US Futures. The market traded with lower volume due to measures taken by the SEBI, related to short selling and lockdown announced by multiple state governments and became too vulnerable to different news flow related to corona virus. Finding any trend in the current oversold market is very difficult due to high VIX which is trading at 12 year high. Traders can enter market once volatility goes down and investors can start picking quality blue chip stocks which are available now at 20-30% discount price compared to recent highs 2 months back. Nifty may find support in the range of 7280-7340 in day or two. On higher side resistance can be seen at 8888."

Source : Equity Bulls

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