NIFTY OUTLOOK FOR 26 FEB 2020

The Nifty opened higher as an attempt to rebound after 2 percent correction seen in the previous session, but turned volatile for the rest of the session and finally settled moderately lower on February 25. Traders remained concerned over the spread of the coronavirus in other parts of the world outside of China, including Italy, Iran, Kuwait, etc.The index closed a tad below 11,800 levels and formed a bearish candle on daily charts as closing was lower than opening levels. Stocks witnessed a lacklustre trade on Tuesday amid lack of any

positive triggers and fears of spreading coronavirus. According to a Reuter’s poll, India's GDP grew 4.7 per cent in the October-December period of the financial year 2019-20. Pharma stocks fell. The Nifty made many attempts to defend 11,800 in the last couple of hours of trade but failed. We expect market would remain volatile tomorrow also
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Resistance: 11850, 11900
Support: 11800, 11750