The Sensex and Nifty
resumed decline after a say's breather in the previous session and ended on a
weak note amid rising coronavirus cases in the country. The Sensex fell as much
as 323 points and the Nifty slumped below important psychological level of 9200.
The Sensex ended 242 points lower at 31443 and Nifty declined 56
points to close at 9215. India reported 3561 new cases of coronavirus in the
last 24 hours, taking the total to 52952, government data shows. The highly
infectious virus has claimed 89 lives during the same period.
The Nifty closed the day below 9200 and formed a bearish candle on daily chart, as the closing was lower than the opening value. Considering the consistent weakness after the recent rally, we advise you to avoid long positions. The Nifty was decisively trading below its 50-day moving average and if it slips into some sort of multi-days downtrend, then corrective swing would get extended into the 9000–8800 zone. For the time being, strength in the index shall not be expected unless it closes above 9500 levels. Traders should avoid long positions and look for some signs of stability around 9650 whereas existing shorts should be squared off if the Nifty fails to close below 9200 in the next trading session.
The Nifty closed the day below 9200 and formed a bearish candle on daily chart, as the closing was lower than the opening value. Considering the consistent weakness after the recent rally, we advise you to avoid long positions. The Nifty was decisively trading below its 50-day moving average and if it slips into some sort of multi-days downtrend, then corrective swing would get extended into the 9000–8800 zone. For the time being, strength in the index shall not be expected unless it closes above 9500 levels. Traders should avoid long positions and look for some signs of stability around 9650 whereas existing shorts should be squared off if the Nifty fails to close below 9200 in the next trading session.
Resistance: 9500, 10000
Support: 9100, 8800
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