Big bold black NIFTY… 12 March 2020 become historical day for Indian stock market. Indian stocks markets were hit today by another big selloff with Sensex registering its biggest one-day fall in absolute terms. The Sensex tanked 2919 points to 32778 - its biggest one-day point fall - tracking a crash in global equities after the coronavirus outbreak was termed a global pandemic by World Health Organization. Today's market fall wiped out 11.26 lakh crore of investor wealth in a day. The Nifty also crashed 8% to 9633. Stunning the markets, US President Donald Trump suspended all travel to the United States from Europe, except from the United Kingdom, for 30 days starting Friday.
Today, Indian markets witnessed one of the worst single-day fall in recent times. The major reasons for this crash is the coronavirus scare with no confirmed news on how many could get affected due to the virus and no cure or vaccine available as yet. In the short run, margin calls and stop losses are triggering panic selling in the market which is creating a cyclical effect as this is further pushing the stock prices downwards. We are very much convinced that the recent low around 9500 will not be challenged and the hope as of now turned into a reality. We still remain optimistic and expect the index to revisit 9300-9000 in next few days. For Friday, 9800 followed by 10000 are the levels to watch out for in the upward direction and on the lower side, we expect 9500 to act as a sheet anchor. In case of any decline in the initial hour, traders should construe this as a good buying opportunity.
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Resistance: 9800, 10000
Support: 93000, 9000
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