Dear
Trader…
As expected, the Indian stock market fell sharply on
Monday, showing that the country’s retail inflation is at a three-month high,
while the Covid-19 case has also seen a sharp rise.
Nifty futures opened at 14890.00 points against the
previous close of 14953.35, opening at a low of 14490.00 points. Nifty Future
closed with an average movement of 409.85 points and a decline of around 246.75
points and around 14706.60 points..!!!
On the NSE, the Midcap 100 Index was up 1.32% and the
Small Cap 100 Index was up 1.46%. Speaking of various sectoral indices, NSE IT
and Metal are showing growth, while all other sectoral indices are closing
lower. A total of 215 stocks traded on the NSE.
India’s COVID-19 cases hit a five-month high on Sunday
and the country put a temporary hold on all major exports of the AstraZeneca
corona virus shot made by the Serum Institute of India to meet domestic demand.
Although the Indian gross domestic product has reverted
to pre-covid levels in the third and fourth quarter, uncertainty related to the
near-term outlook has risen considerably in the recent weeks, following the
spate of new Covid-19 infections.
Corona virus cases in the country hit four-month high on
Sunday and some regions have reimposed containment measures, including
lockdowns and restaurant closures, while more steps are being considered.
The downturn on the economic front has affected market
sentiment so the coming days may see a major upheaval in the economy and the
Indian stock market.
Technically, the important key resistances are placed at 14707 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 14777 – 14808 levels. Immediate support is placed at 14676 – 14606 levels.
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
