Daily market commentary - March 25, 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

"Market opened gap down on account of lockdown announcement by Prime Minister Modi but later recovered after US senators and Trump Administration officials reached an agreement on a massive stimulus bill. Market breadth was positive. In NSE, 1081 shares rose and 720 shares fell. All sectoral indices were green led by Banking, NBFC, IT and Auto. Today's big bullish candle after yesterday's 'bullish harami' indicates trend reversal and traders can go long with a target of 8800 on Nifty. Going forward, major support is around 7500 and resistance is near 8884."

Source : Equity Bulls

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