As people get ready to eat out and shop, 3rd Covid wave may come sooner than anticipated


New Delhi, June 18 | Thirty-one per cent of citizens plan to visit a restaurant, while 29 per cent plan to visit malls in the next 60 days, according to a survey conducted by LocalCircles.

In addition, 75 per cent of Indian households expect visitors like domestic help, service providers etc. to their homes in the next 30 days. As many as 43 per cent are expecting visits from friends and relatives who do not stay with them, while 27 per cent are expecting friends, neighbours and colleagues to visit them in the next 30 days.

According to LocalCircles, given the known air-borne transmission of the SARS-COV2 strains, all the above activities without adhering to the guidelines, both by the business owners and the citizens, are likely to accelerate the spread of Covid and a possible third wave may be coming sooner than anticipated.

“The government’s Covid task force has stated that it is premature to presume that the country is out of danger as the possibility of a third wave is high. The doctors have warned that we cannot be fully out of danger till most of the population is vaccinated, which is a long way away given that only 250 million doses have been administered in a nation with a population of 1.4 billion,” the survey said.

The findings indicate that the majority of Indian households are likely to have service providers, domestic help and extended family visit them in the next 30 days.

India experienced difficult consequences for its negligence in April and May with almost 60 per cent individuals having someone in their social network getting impacted by the second wave of the pandemic, the survey said.

Source: IANS

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Share Market Closing Bell: Market ends marginally lower amid volatility

Share Market Closing Bell: Market ends marginally lower amid volatility

Dalal Street witnessed tug of war between bulls and bears as Sensex settled at 54208.53 losing 109 points or 0.20 percent and Nifty ended at 16240.30 with loss of 19 points. Bank nifty closed the session at 34163.70 levels with loss of 138 point after erasing early session gain.

BSE Midcap and BSE Small cap indices turned flat after rising around half a percent each. On the sectorial front, Nifty Pharma and FMCG have contributed a percent each on a closing basis. On the flip side Nifty Realty, Nifty PSE ended with losses of 1.75 percent and 1.73 respectively. In Nifty stocks, TATACONSUM, CIPLA and ADANI PORT were the top gainers while POWERGRID, BPCL and TECHM were the prime laggards.

In the daily chart Nifty has ended with a bearish candle. However 16200 levels are protected throughout the day. Index might face high volatility on weekly expiry day. Riding against the trend may not be beneficial for short term traders. According to volume profile 16100 and 16000 may act as immediate support.

Indicators such as MACD and RSI are still struggling to overcome from oversold zone in the daily time frame. From the time cycle prospect Index would remain highly volatile till 27th May of this month. Bollinger band indicates 16650 would remain strong resistance in coming days. On the other hand, Bank nifty has support at 33400 levels while resistance at 35000 levels.

Om Mehra
Research Associate
Choice Broking

Source: Choice India


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