Daily market commentary - 27th March 2020 - Bonanza Portfolio

Mr. Vishal Wagh, Research Head

"Today, as expected market rallied in the first hour of trade till the most awaited mega rate cut by RBI. RBI went ahead with all guns blazing by cutting repo rate by 75 basis points and reverse repo rate by 100 basis points. Post-announcement market saw profit booking. Thereafter the market (Nifty) remained volatile between 100 points plus-minus from the previous day's close. Yesterday USD shown indication of topping out and today follow up supply in USD confirmed the same. Now support for USD seen near 74.80 levels and resistance is around 76.50. Market breadth remained in favor of Bulls. For every loser, there were one and half gainers. Today, sectors like Auto, Reality & Media seen profit booking and banking hold the market in green. Going forward, Nifty will find support around 8450-8500 levels whereas resistance will be seen around 9050-9150 levels."

Source : Equity Bulls

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