Washington, Aug 19 | Hospitals across the US are “back in crisis mode” due to a fourth surge of the Covid-19 pandemic driven by the Delta variant, according to a media report.
Increasing Covid-19 cases, common viruses spreading again as people get together, and people who get injured when driving and playing sports have all added up to hospital pressure, the report said, narrating the story of an Oregon medical center “filled with unvaccinated patients” that had to postpone cancer patients’ surgeries, the Xinhua news agency reported.
Double-digit growth in Covid-19 hospitalisations was recorded in 46 of the 50 US states in the week ending Tuesday, and eight states, including California and New York, added more than 400 new patients, the article said.
The US logged 911,529 new cases in the week ending Sunday, and had not seen such a high weekly increase since the week ending January 31 with more than 1 million new infections, the report said.
More than 59 per cent of the US population has received at least one dose of Covid-19 vaccines, with 50.9 per cent fully vaccinated, according to the US Centers for Disease Control and Prevention.
“Doctors say the nationwide outbreak overwhelming hospitals could have been avoided had more people been immunized,” the report said.
The benchmark Indices Nifty started on the positive side after continuous sell off in last week and has managed to settle at 15842.30 with 60 point gain or 0.38 percent. However Nifty has failed to regain 16000 levels prior to LIC listing.
While Bank nifty has managed to settle at 33597.60 levels after gaining 1.44 percent. On the sectoral front, Nifty PSU Bank, Nifty Realty and Auto have contributed 2-3 percent gain on closing basis. On the flip side Nifty IT and FMCG ended with losses of 0.75 percent and 0.35 respectively. In Nifty, EICHERMOT, APOLLOHOSP and UPL were the top gainers while ULTRACEMCO, SHREECEM and ASIANPAINT were the prime laggards.
Technically, after forming the bearish candle on the weekly chart, the index has formed a Doji candlestick on the daily chart which shows indecisiveness among the trades. Moreover, the index has also faced a resistance from falling trend lines and showed profit booking from higher levels. However, Fibonacci retrenchment also has support around 15650 levels.
Traders may find buying opportunities for short term as if 15650 levels is protected. In the hourly chart, with support of the middle Bollinger band short term upside movement is expected. Stock specific action would drive the market in coming days too.
On the derivatives front, the highest call OI is at 16000 strike price followed by 16200 strike prices while on the put side, highest OI is at 15500 strike price. INDIA VIX closed at 24.53 with gain of 4.43 percent intraday indicating volatility is going to remain till weekly expiry . On the other hand, Bank nifty has support at 32600 levels while resistance is placed at 34500 levels.
Source: Choice India