Amidst Rising Number of COVID Cases and Omicron Variant Playing Spoilsport – The Nitrile Gloves Market is Seeing a Remarkable Surge

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The market is witnessing an increased gloves price leading to increased demand and requirementsGlobal Nitrile Gloves Market to Reach $57.1 Billion by 2026The pandemic has led to a remarkable spike in personal protective equipment demand from the healthcare industry and the general public. The adverse scenario made it extremely challenging for manufacturers and other businesses to maintain the stocks for ensuring employee safety. While the initial focus was on notable shortage of N95 masks, the short supply and escalating unit prices of nitrile gloves emerged as major concerns. The majority of hospitals and healthcare facilities were left struggling with a shortage of medical-grade gloves rather than protective gowns and face masks. While significant shortages of essential items such as face masks, respirators and disinfecting wipes led to safety concerns, the sudden drop in availability of nitrile gloves remains a formidable challenge for healthcare facilities that rely heavily on these gloves owing to their high durability along with puncture and chemical-resistant nature.Among all this chaos and uncertainty, the Nitrile Gloves Market saw an inconceivable growth. The Global Nitrile Gloves Market to Reach $57.1 Billion by 2026. Nitrile gloves are among the most preferred disposable glove options, offering the benefits of latex such as strength, durability, and flexibility, without risks involving latex allergy. As estimated, amid the COVID-19, the global market for Nitrile Gloves was at US$14.1 Billion in the year 2020 and is projected to reach US$57.1 Billion by 2026, growing at a CAGR of 23.3%.Since the onslaught of pandemic, the SRAM & MRAM Group has been delivering and producing high-quality nitrile gloves nationally and globally. The group is instrumental in R&D activities to produce unique products and help protect people from prone communicable diseases. The brand has been associated with multiple partner manufacturers to strengthen its manufacturing capability and is currently looking to create a big foothold in the gloves, rubber and latex products across the globe.Elaborating upon the prevailing market Hemlata Arumugam, CEO SRAM & MRAM Group quoted, “We are bullish about the market. The market is witnessing an increased gloves price leading to increased demand and requirement. We are also optimistic about the Global Nitrile Gloves Market which is expected to touch a whopping $57.1 Billion by 2026.”Under the ‘Walletz4u’ flagship, the brand is striving to make a top space in the broad playing field for Nitrile Gloves across the globe. With agreements and alliances with the leading manufacturers, Walletz4u is now poised to become one of the largest glove manufacturers and resellers in the global markets.

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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