Bulls tried
to be back in ground. markets soared more than 7% on as buying strengthened in
the second half of the session, as India began a 21-day countrywide lockdown to
curb the spread of the deadly coronavirus pandemic.The Sensex index jumped as
much as 2116 points to touch 28790 in afternoon deals, and the Nifty climbed to
a high of 8376, up 575 points from the previous close. Buying in energy and
financial sectors pushed the markets higher, but high volatility cannot be
ruled out in the near term amid the rising number of COVID-19 cases.
We expect market would remain volatile in the near term. The index formed a bullish candle on the daily scale and needs to hold above 8300 to extend gains towards 8500, and then 8700 -9000 zone. Overall setup and momentum is positive and a hold of recent zones could extend rally, while support exists at 8200 and then 8000 levels. It has been making higher top and higher bottom formation and supports are gradually shifting higher with medium term support at 7800.
We expect market would remain volatile in the near term. The index formed a bullish candle on the daily scale and needs to hold above 8300 to extend gains towards 8500, and then 8700 -9000 zone. Overall setup and momentum is positive and a hold of recent zones could extend rally, while support exists at 8200 and then 8000 levels. It has been making higher top and higher bottom formation and supports are gradually shifting higher with medium term support at 7800.
Resistance: 8200, 8000
Support: 8700, 9000
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