Technical Observation - April 1, 2020 - HDFC securities

Subash Gangadharan - Senior Technical and Derivative Analyst

Markets corrected on Wednesday after the bounce back seen on Tuesday. The Nifty broke its recent lows of 8244, thereby giving the bears an upper hand. The weakness came on the back of rising coronavirus numbers across India and the globe. The total number of confirmed COVID-19 cases in India stands at 1,590. The Nifty lost 343.95 points or 4.0% to close at 8,253.8.

Broad market indices like the BSE Midcap and Small Cap indices lost less, thereby outperforming the Sensex/Nifty. Market breadth was positive on the BSE/NSE. Sectorally, there were no gainers. The top losers were the BSE IT, Bankex, Telecom and FMCG indices.

Technically, while the Nifty has corrected today, it broadly remains stuck in a trading range between the 8200-8680 levels for the last few sessions. Further directional cues are likely to emerge on a move beyond this range.

Source : Equity Bulls

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