Australian capital eases Covid curbs

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Canberra, Oct 29 | Coronavirus restrictions in Australia’s capital Canberra have eased significantly as residents of the Australian Capital Territory (ACT) were no longer required to wear facemasks outdoors from Friday.

For the first time since early August, Canberra’s arts and entertainment venues including cinemas and theatres have reopened for up to 75 per cent of their seating capacity, reports Xinhua news agency.

Patron caps for hospitality venues have been increased to a maximum of 25 people inside.

Households can have up to 10 visitors, up from five previously, and up to 30 people can gather outdoors.

Fitness classes and team sports have also been given the green light to resume.

The ACT has the highest Covid-19 vaccine rate in Australia, with more than 92 per cent of the population aged 12 and over fully inoculated.

Australia on Friday morning reported 1,934 new locally-acquired Covid-19 cases, 10 of which were in the ACT.

Federal Health Minister Greg Hunt said 85.2 per cent of people over 50s and nearly 90 per cent of those over 70s have been fully vaccinated against the coronavirus.

He announced A$180 million ($135 million) in funding for primary care networks to support Covid-19 patients recovering at home.

“As we open up, we know that there will be more cases that will be treated at home because people will be fully vaccinated,” he said.

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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