Sentiment took a hit after Delhi
Deputy Chief Minister Manish Sisodia said that by the July end, the total
number of Covid-19 cases in the national capital will rise to over
550,000. Market ended near day's low level on the back
of extended selling seen in the afternoon session on June 9. At close, the
Sensex was down 413 points at 33956, and the Nifty was down 120 points at 10046. Covid continues
fear the D street. Nifty slipped below 10100 mark. The market slipped 1% on
Tuesday amid across-the-board sell-off with the financials taking the biggest
knock.
If the bears drag the Nifty below its immediate support of 10000 in the coming sessions selling pressure can intensify to levels of 9875, which was the previous pivot high. A close below 9875 may drag the Index further lower to cover up the gap area at 9500. On the flip side, if the bulls manage to keep the index above 10000 a short covering rally will take it back to levels of 10200-10300. Worldwide investors are turning cautious on equity as the past rise was significant and uninterrupted. We are also witnessing a similar trend in our markets; however, if the market defends the level of 9950 then it would be positive for the market. Buying is advisable if market drops below the level of 9950 and recovers back. On the higher side, the level of 10170 would be a major hurdle.
If the bears drag the Nifty below its immediate support of 10000 in the coming sessions selling pressure can intensify to levels of 9875, which was the previous pivot high. A close below 9875 may drag the Index further lower to cover up the gap area at 9500. On the flip side, if the bulls manage to keep the index above 10000 a short covering rally will take it back to levels of 10200-10300. Worldwide investors are turning cautious on equity as the past rise was significant and uninterrupted. We are also witnessing a similar trend in our markets; however, if the market defends the level of 9950 then it would be positive for the market. Buying is advisable if market drops below the level of 9950 and recovers back. On the higher side, the level of 10170 would be a major hurdle.
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Resistance: 10300, 10500
Support: 10000, 9800
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