Access to food & hospitals restricted in parts of Shanghai

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Shanghai, May 11 | Shanghai officials will over the next few days further restrict access to food and hospitals in some parts of the city as part of the most severe phase of its extended lockdown yet, BBC reported.

The restrictions include only permitting government food deliveries, not allowing residents to “step out” of their front doors and requiring approval from the authorities for anyone other than emergency cases to access hospitals.

Neighbours of Covid-19 cases and others living close by are also being forced into government quarantine facilities, BBC reported.

Shanghai is now in its seventh week of city-wide restrictions.

Confirmed cases have fallen significantly from their peak, but authorities have not yet been able to hit the target of what they call “societal zero”, where no cases are reported outside of quarantine facilities.

Despite the tougher measures, Shanghai officials insist that people living in half of the city’s districts are now free to leave their homes and walk around, the report said.

State media has shown propaganda videos of departing medical workers visiting city landmarks together and taking photographs.

The BBC is already aware of some cases where residents have had difficulties in getting emergency ambulances to come quickly, with some patients forced to use private cars to get to the hospital.

Authorities have also stepped up measures aimed at people who live close to positive cases, even if these close contacts test negative.

They are now sweeping up large groups of people in apartment buildings who live on the same floor or even just in the same building as those who’ve tested positive, BBC reported.

Footage has also emerged on social media showing extreme disinfection taking place inside homes from where people have been removed after testing positive. Widespread use of industrial scale disinfection has been a key tactic used by the authorities.

Source: IANS

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Weekly Technical Share Market Outlook

Weekly Technical Share Market Outlook

The Indian market recovered sharply on the last trading day amid the weekend after a continuous fall. Market has managed to halt above 16000 Nifty levels after continuous losing streak. Index reacted violently, grasping Indian as well as global factors throughout the week. Simultaneously, Inflation is catching up and profit margins are taking a hit.

 

Sensex advanced 1532 points or 2.90 percent while Nifty gained 484 points or 3.07 percent in a week. Simultaneously, Bank nifty has overcome bear’s dominance ending the session with 3.49 percent gain. Sectorally,Nifty Metal saw the highest gains of 7.40 percent followed by the Realty and Auto added over 4% gain. On the flip side Nifty IT tumbled 2.82 percent on weekly basis. Midcap and Small Cap measures rising nearly 2 percent as well.

In Nifty stock, EICHERMOT gained 11.31% while TECHM lost 5.98% on a weekly basis. INDIA VIX closes at 23.10 suggests volatility driven market is going to remain intact. Coming to the OI Data, on the call side highest OI witnessed at 17000 Nifty followed by 16800 Nifty strike price while on the put side, the highest OI was at 16000 Nifty followed by 15800 Nifty strike price. Technically, Nifty has formed a Tweezer Bottom type pattern in the weekly chart suggesting a short term buying rally may drive the market until monthly expiry. On the daily chart, price has rebounded from the lower Bollinger band as well.

Momentum indicators MACD & Stochastic were trading with a positive crossover & reversed from oversold zone. However, Index is still struggling to get the support of 50 Simple Moving Average in daily chart. Short term investors and traders are advised to work with option strategies to neutralize the volatility. Overall, Nifty is having support at 15700 mark while on the upside 16700 followed by 16500 may act as an immediate resistance. While Bank nifty has support around 32500 while resistance is placed at 36000 on weekly chart.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

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